Saudi Aramco abandons North Red Sea Exploration Plans
Posted on 11th June 2014
Saudi Aramco has abandoned plans to explore the Northern parts of the Red Sea as originally planned on the recommendations of a commissioned study.
Based on concerns of ecological disruptions expressed by the report on the study commissioned by the national oil company, Saudi Aramco, on the effects of oil and gas exploration in the Red sea, the oil company has accepted the recommendations of the Committee headed by Dr. Mohammad Qurban of the team from the Marine Studies section of King Fahd University for Petroleum and Minerals. The study found that numerous sites across the Red sea were biologically rich and contained a variety of species that could be harmed by petroleum exploration activities. This prompted Saudi Aramco to kill the project.
This comes close on the heels of the Aramco’s 2012 discovery of the Ahmar-1 field of non-associated gas in deep water Red Sea, approximately 24km northwest of Duba in the Tabuk Province of Saudi Arabia. The company had announced a US$ 25 billion capital expenditure in exploration to develop the oil and gas reserves in the area.Back to all Construction News
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