Saudi Arabia’s economy heavily depends upon the petroleum industries. Ministry of petroleum and mineral resources has estimated that 90 percent of export revenues are the result of oil export. The export contributes 40 percent into the country’s GDP (Gross Domestic Product). Moreover, Saudi Arabia is believed to be the world’s second largest petroleum producer, Crude oil producer and oil exporter. Saudi Arabia has around 266 billion barrels of oil reserves, approximating to one fifth of the predictable world oil reserves. Although Saudi Arabia has about 100 chief oil and gas fields, over half of its oil assets are limited to only eight fields. (EIA)
With 179 billion barrels, Canada is second only to Saudi Arabia in term of proven oil reserves. Alberta’s oil sands contain the largest bitumen resource in the world; with 1.7 to 2.5 trillion barrels of bitumen in-place.
Saudi Arabia: largest oil producer.
According to the U.S. Energy Information Administration, Saudi Arabia holds the world’s largest crude oil production capacity. In year 2009, its production capacity of crude oil was estimated to be 11 million bbl/d. However the ministry of petroleum and mineral resources had plans to increase the capacity to 12.5 million bbl/d by 2009. According to the July 2009 Short-Term Energy Outlook, EIA expected Canadian oil production to increase to 3.41 million bbl/d in 2009 and 3.48 million bbl/d in 2010. (EIA)
The 2008 reports about Saudi Arabia’s petroleum production tell that on average 10.8 million bbl/d of total oil was witnessed. Not only that, Saudi Arabia has experienced a rise in demand for NGLs from many developing countries such as India.
Saudi’s chief oil producing fields include:
Ghawar (onshore): Ghawar is one of the world’s biggest oil field. It generates more than 5 million bbl/d Arabian Light crude, Safaniya (offshore), Shaybah (onshore), Zuluf (offshore) and Abqaiq.(EIA)
Canada’s major oil producing Fields are located in Alberta, Saskatchewan, British Columbia, Manitoba, Ontario, East Coast Offshore and Mack. (NRC)
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