Posted on 03/12/2015 7:55:21 PM PDT by Lorianne
Saudi Arabia's King Salman said he would fight corruption, diversify the economy and confront anybody who challenged the stability of the world's top oil exporter in his first big speech since taking power on Jan. 23.
His speech, carried on state television, focused on the need to create private sector jobs for young Saudis, a main policy goal for many years as Riyadh strives to meet a looming demographic challenge while controlling public spending.
Addressing the chaos threatening the kingdom from around the region, he said no one would be allowed to tamper with Saudi Arabia's security or stability.
(Excerpt) Read more at cnbc.com ...
I suppose that includes anyone involved in fracking here in the US because it drives down our dependency and oil prices, which challenges the Saudi's stability.
He probably won’t have to look very far.
Don’t worry - our Communist laws prevent us from exporting any of our oil, so the Saudis only have to compete with the US in one country.
So does his statement that he will “fight corruption”, mean he is going to take on islam and Sharia law?
Wouldn’t that be weird, if King Salman, really liked to eat salmon?
Will he find any new oil?
There’s drill rigs all over the area of the Ghawar oil field
A lot of it comes not from finding new oil, but finding ways to economically produce oil that has already been found.
Secondary and Tertiary enhanced oil recovery methods are part of this.
For example, on the Alaskan North Slope, for decades hundreds of oil wells are drilled through the Ugnu oil field to reach lighter, warmer fields below. Ugnu has ~33 billion barrels, but is not economic to produce, today.
This article, from back when oil prices where high, is a good example of how the hunt for oil has become more difficult (expensive) in Saudi Arabia.
Saudi Aramco’s Oil Push to Raise Rig Count to Record
http://www.bloomberg.com/news/articles/2013-07-23/saudi-aramco-s-oil-push-to-raise-rig-count-to-record
Saudi Arabian Oil Co., the world’s largest crude exporter, is set to add more drilling rigs than expected this year and hire more in 2014 as new fields are drilled to counter dwindling output from aging deposits.
The state-owned company, known as Saudi Aramco, will use a record 170 rigs by the end of 2013, according to estimates from Schlumberger Ltd. and Halliburton Co. That exceeds the total number forecast by the oil-service companies earlier this year.
The expansion in rigs reflects the increasing difficulty of extracting crude from mature fields. To maintain output, Aramco is now drilling new deposits such as Manifa, while expanding projects including Khurais and Shaybah to ensure there’s enough spare capacity to counter any disruptions in global supply.
short excerpt, more info at article
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