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Solar Power Project Plan 2030, Greatest Energy Source Worldwide by 2050

A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)
A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)
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Solar Power Project Plan 2030, Greatest Energy Source Worldwide by 2050

A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)
A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)

The launching of Solar Power Project Plan 2030 grabbed the attention of a number of energy experts in the world, especially after the kingdom’s announcement that it intends to produce 200 gigawatt of solar energy by 2030.

The purposes of this project goes in tandem with the forecasts of the International Renewable Energy Agency that solar energy will be the greatest energy source worldwide by 2050.

This Solar Power Project Plan 2030 is considered one of the ambitious steps of Crown Prince Mohammed bin Salman towards the implementation of the Saudi Vision 2030, which affirmed that it would put a legal and organizational framework that allows the private sector to invest and possess in renewable energy sector, as well as urge partnerships between the private and public sector.

This global project would contribute to increasing electricity generated from solar energy, opening new economic and investment channels in the kingdom in addition to providing job opportunities, training and investment in individuals and firms.

Dr. Turki bin Saud bin Mohammed, Vice President of King Abdulaziz City for Science and Technology (KACST) for Research Institutes, commended the efforts of the crown prince in signing a memorandum of understanding to establish the Solar Power Project Plan 2030 as a first step to produce around 200 gigawatt in 2030.

The country’s need of energy is now equal to 75 gigawatt, and the project will enable the kingdom to export the surplus, he added, saying that the kingdom enjoys huge spaces that can be invested to construct enormous power plants.

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Libya to Offer Production Sharing Contracts under New Oil Bid Round

A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo
A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo
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Libya to Offer Production Sharing Contracts under New Oil Bid Round

A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo
A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo

Libya is set to offer 22 areas for oil exploration and development in its first such bidding round in more than 17 years, oil officials said on Monday, adding that deals will involve production sharing agreements.

The new bidding round, announced on March 3, comes as Africa's second-largest oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC) seeks to raise its oil output.

National Oil Corporation (NOC) Chairman Massoud Suleman told an event for potential investors in London that areas on offer are split equally between onshore and offshore.

Libya's current crude production has reached about 1.4 million bpd, 200,000 bpd short of its pre-civil war high, according NOC. It aims to raise output further to 2 million bpd, Reuters reported.

Foreign investors have been wary of putting money in Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011. Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.

NOC Chairman Suleman told Reuters on the sidelines of the event that the round has already generated a lot of interest from international oil companies since it was launched in early March.

In January, Abdulsadek told Reuters the country needed between $3 billion and $4 billion in investment to reach output of 1.6 million bpd.

The bidding will involve acreage in some of the most prolific basins in the country, including the Sirte, Murzuq and Ghadamis basins as well as offshore Mediterranean, oil minister Khalifa Abdulsadek told Monday's event.

A presentation by other NOC officials showed the areas on offer will be under a Production Sharing Agreement model, replacing the more stringent EPSA IV model which Libya adopted under previous bid rounds and which offered fewer returns to investors.

NOC expects to sign the new contracts between November 22-30.