Aramco has signed a shareholders’ agreement with Linde and SLB, paving the way for development of a Carbon Capture and Storage (CCS) hub that is expected to become one of the largest globally.

 

Under the terms of the shareholders’ agreement Aramco will take a 60% equity interest in the CCS hub, with Linde and SLB each owning a 20% stake.

 

It represents a significant milestone for the project and is a key component in Aramco’s emission mitigation strategy.

 

With the support of the Ministry of Energy, Phase One of the new CCS hub in Jubail, in the Kingdom of Saudi Arabia’s Eastern Province, is expected to capture and store up to nine million metric tons of CO2 annually, and construction is expected to be completed by the end of 2027. Later phases are expected to further expand its capacity.

 

The project will support the company’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050.

 

Ashraf Al Ghazzawi, Aramco EVP of Strategy & Corporate Development, said: “CCS plays a critical role in furthering our sustainability ambitions and our new energies business. This announcement represents a step forward in delivering on our strategy to contribute to global carbon management solutions and achieve our emission mitigation goals. Aramco’s collaboration with SLB and Linde demonstrates the importance of global partnerships in driving technological innovation, reducing emissions from conventional energy sources and enabling new, lower-carbon energy solutions. This CCS hub is among several programs that will enable us to meet rising demand for affordable, reliable, and more sustainable energy.”

 

Oliver Pfann, Linde EVP EMEA, said: “Carbon capture and sequestration is essential for achieving the Kingdom’s emission reduction targets. Linde is proud to collaborate with Aramco and SLB, contributing Linde’s innovative technology and experience in delivering world-scale decarbonization projects. We look forward to jointly realizing this landmark project which supports the development of a lower-carbon economy.”

 

Gavin Rennick, SLB President, New Energy, said: “SLB is proud to be a part of ground-breaking efforts to enable abatement of millions of tons of CO2 annually through the Jubail CCS hub. Leveraging our proven portfolio of CCS technologies and extensive experience in complex CCS projects around the world, we are confident that SLB will play a critical role in advancing this important initiative. This project aligns perfectly with our commitment to industrial decarbonization, and we look forward to collaborating closely with Aramco and Linde to make it a success.”

 

The announcement, made during the Saudi Green Initiative Forum, in Riyadh, reflects a circular carbon economy approach to reducing emissions that will contribute to the Kingdom’s 2060 net-zero target.

 

Phase One of the CCS hub will have the capacity to capture nine million tonnes of CO2 from three Aramco gas plants and other industrial sources.

 

The captured CO2 will be transported through a pipeline network and stored below ground in a saline aquifer sink, leveraging the Kingdom’s significant geological potential for CO2 storage. -TradeArabia News Service

Saudi oil firm Aramco has discovered 14 oil and natural gas fields and reservoirs in kingdom's Eastern Region and the Empty Quarter, reported SPA.

 

Announcing the big oil find, Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said the discoveries include six fields and two reservoirs of Arabian oil, as well as two fields and four reservoirs of natural gas.
 

Prince Abdulaziz said Jabu oil field has been discovered in Eastern Region, following the flow of Arabian Extra Light Oil in "Jabu-1" well at a rate of 800 barrels per day (bpd), while Sayahid was discovered with Arabian Extra Light Oil flow in "Sayahid-2" well at a rate of 630 bpd. 

 

Additionally, "Ayfan" oil field was discovered, where Arabian Extra Light Oil in "Ayfan-2" well flowed at a rate of 2,840 bpd, with 0.44 million standard cubic feet (MMscf) of associated gas per day. 

 

Another notable find was in the Ayfan field, where Arabian Extra Light Oil flowed from "Ayfan-2" well at a rate of 2,840 bpd, with 0.44 million standard cubic feet (MMscf) of associated 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, Aracmo said "Nuwayr" oil field was discovered after the flow of Arabian Medium Oil in "Nuwayr-1" well at a rate of 1,800 bpd, with 0.55 MMscf of associated gas per day. 

 

Additionally, the oil field "Damda" was discovered, where Arabian Medium Oil flowed in "Damda-1" well at a rate of 200 bpd from "Mishrif-C" reservoir, followed by the discovery of "Qurqas" oil field after Arabian Medium Oil flowed in "Qurqas-1" well at a rate of 210 bpd.

 

Meanwhile, Aramco made notable gas discoveries as well 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.

 

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.

 

The minister, extending his congratulations to Saudi King Salman bin Abdulaziz Al Saud and HRH the Crown Prince and Prime Minister Prince Mohammed bin Salman on these discoveries, emphasized the importance of the added value that these discoveries represent, solidifying Saudi Arabia’s leading position in the global energy sector and reinforcing its rich hydrocarbon potential as well as opening new horizons for the kingdom’s economic development.

 

Prince Abdulaziz said these finds will help strengthen its ability to meet both domestic and global energy demand efficiently and sustainably for decades to come. 

 

These discoveries will also support sustained economic growth and prosperity, in line with Vision 2030 and Saudi Arabia’s ambitious goals to fully harness its natural resources and enhance global energy security, he added.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RAK Properties, a leading publicly listed property developer in Ras Al Khaimah, has announced the appointment of Arqaam Securities as the liquidity provider for its shares on the Abu Dhabi Securities Exchange (ADX).

 

Arqaam Securities is a regional financial institution regulated by the UAE Securities and Commodities Authority (SCA) which will actively manage liquidity for RAK Properties’ shares by maintaining two-way quotes within a structured mandate, in addition to initiating research coverage on the company. 

 

The agreement is designed to optimize price discovery and narrow bid-ask spreads, ensuring efficient trading. 

 

Arqaam Securities’ ownership in RAK Properties will not exceed 5% of total listed shares, in full compliance with ADX and SCA regulations, it stated.

 

The appointment, approved by RAK Properties’ Board of Directors, is a strategic step to enhance market depth and accessibility for institutional and retail investors, said the Emirati developer in a statement. 

 

With foreign ownership permitted up to 49%, RAK Properties remains committed to fostering an active and liquid trading environment, it stated.

 

CEO Sameh Muhtadi said: "Ensuring robust market liquidity is central to our commitment to delivering long-term shareholder value. Partnering with Arqaam Securities, a recognized leader in liquidity provision, aligns with our efforts to enhance trading efficiency and market accessibility for investors."

 

"As increasing numbers of institutional and retail investors look not only to the Emirate of Ras Al Khaimah, but also its major listed entities, it is crucial that we engage with partners who can support our ambitious growth targets," he stated.

 

Veselin Tilev, Head of Market Making at Arqaam Securities, said: "We appreciate the trust placed in us by RAK Properties and look forward to leveraging our expertise to enhance liquidity and optimize market dynamics on ADX. Our dedicated market-making services are designed to support active and efficient trading, reinforcing investor engagement with RAK Properties’ shares."

 

RAK Properties said it has set out a clear plan for ambitious growth in 2025. 

 

In January it unveiled its masterplan for Mina, the company’s flagship destination, for which it has a AED5 billion GDV pipeline to be launched this year. The first two projects within this launch plan, Mirasol and SKAI have been launched to great success in Q1. 

 

Alongside this, RAK Properties announced its partnership with Four Seasons to bring a beachfront luxury resort and branded residences to Mina, it added.-TradeArabia News Service