Saudi firms announce 2024 financial results amid Eid trading break 

RIYADH: Saudi Arabia’s Industrial Production Index saw a modest rise in February, driven by stronger manufacturing activity as the Kingdom pushes ahead with its economic diversification agenda. 

The indicator — which reflects changes in the volume of industrial output — increased 0.7 percent month on month, reaching 104.8, up from 104.1 in January, according to preliminary data released by the General Authority for Statistics. 

Strengthening the industrial sector is central to Saudi Arabia’s Vision 2030, with the National Industrial Development and Logistics Program aiming to reduce reliance on oil by positioning the Kingdom as a regional hub for advanced manufacturing in petrochemicals, mining, and renewable energy. 

“On a monthly basis, the sub-index of manufacturing activity showed an increase of 0.9 percent, supported by the rise in the activity of the manufacture of coke and refined petroleum products, which increased by 0.1 percent, and the manufacture of food products which increased by 3.7 percent,” stated GASTAT. 

According to GASTAT, the sub-index for electricity, gas, steam, and air conditioning supply activities rose by 5.8 percent in February compared to the previous month. 

Mining and quarrying activities also increased by 0.3 percent month on month, while water supply, sewerage, and waste management and remediation activities declined by 0.8 percent. 

Compared to January, the index for oil activities rose by 0.3 percent, while the index for non-oil activities increased by 1.5 percent. 

Annual comparison 

On a year-on-year basis, Saudi Arabia’s IPI fell by 0.2 percent in February, driven by a decline in mining and quarrying activity, which fell by 0.7 percent. 

The Kingdom’s oil production declined to 8.95 million barrels per day in February, down from 9.01 million bpd a year earlier. 

GASTAT noted: “Compared to February of the previous year, the sub-index of manufacturing activity increased by 0.2 percent, supported by the increase in the manufacture of chemicals and chemical products, which increased by 3.5 percent, and the manufacture of food products, which increased by 6.3 percent.” 

Electricity, gas, steam, and air conditioning supply activities rose by 1.1 percent year on year in February, while water supply, sewerage, and waste management and remediation activities surged by 13.1 percent. 

The index for oil activities declined by 1.6 percent year on year, while the non-oil activities index climbed 3.2 percent over the same period.

RIYADH: Saudi Aramco has made a series of groundbreaking oil and gas discoveries in the Eastern Province and the Empty Quarter, further cementing Saudi Arabia’s position as a global energy leader.

Announced by Energy Minister Prince Abdulaziz bin Salman on Wednesday, the discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs—highlighting the Kingdom’s vast and growing hydrocarbon potential.

In the Eastern Province, the Jabu oil field was identified after very light Arab crude oil flowed at a rate of 800 barrels per day from well Jabu-1.

Another notable find was in the Sayahid field, where very light crude flowed from well Sayahid-2 at a rate of 630 bpd. The Ayfan field also showed promising results, with well Ayfan-2 producing 2,840 bpd of very light crude and approximately 0.44 million standard cubic feet of gas per day.

Further exploration confirmed the Jubaila reservoir in the Berri field, where light crude flowed from well Berri-907 at a rate of 520 bpd, along with 0.2 MMscf of gas daily. Additionally, the Unayzah-A reservoir in the Mazalij field yielded premium light crude from well Mazalij-64 at 1,011 bpd, coupled with 0.92 MMscf of gas per day.

In the Empty Quarter, the Nuwayr field produced medium Arabian crude at 1,800 bpd from well Nuwayr-1, along with 0.55 MMscf of gas daily. The Damdah field, tapped via well Damda-1, showed medium crude flow from the Mishrif-C reservoir at 200 bpd, and very light crude from the Mishrif-D reservoir at 115 bpd. The Qurqas field also produced medium crude at 210 bpd from well Qurqas-1.

Regarding natural gas, notable discoveries were made in the Eastern Province. Gas was found in the Unayzah B/C reservoir of the Ghizlan field, with well Ghizlan-1 yielding 32 MMscf of gas per day and 2,525 barrels of condensate. In the Araam field, well Araam-1 produced 24 MMscf of gas per day along with 3,000 barrels of condensate. Unconventional gas was also discovered in the Qusaiba reservoir of the Mihwaz field, where well Mihwaz-193101 produced 3.5 MMscf per day and 485 barrels of condensate.

In the Empty Quarter, significant natural gas flows were recorded in the Marzouq field, with 9.5 MMscf per day from the Arab-C reservoir and 10 MMscf from the Arab-D reservoir. Additionally, the Upper Jubaila reservoir yielded 1.5 MMscf of gas per day from the same well.

Prince Abdulaziz emphasized the importance of these discoveries, noting their contribution to solidifying Saudi Arabia’s leadership in the global energy sector and enhancing the Kingdom’s hydrocarbon potential.

These findings are expected to drive economic growth, strengthen Saudi Arabia’s ability to meet both domestic and international energy demand efficiently, and support the country’s long-term sustainability goals. They align with the objectives of Vision 2030, which aims to maximize the value of natural resources and ensure global energy security.