Accounting for just under 30% of real GDP and providing roughly 80-90% of state revenue in any given year, the oil and gas sector has been the dominant force behind Saudi Arabia’s economy for decades. Seeking to cement its position as a front-runner in the global market, the government has continued to invest heavily in the sector over the last decade to boost capacity and develop new resources. These new discoveries, along with new, more efficient lifting technologies, have seen the Kingdom’s proven reserves increase over the past two decades in spite of rising extraction rates. Indeed, oil consumption in the Kingdom peaked at 2.86m bpd in 2011 and this growth shows no signs of stopping; it is predicted that the rate of consumption will double by 2030. Moreover, since achieving its target production capacity of 12m barrels per day, the nation is looking to continue its success by developing downstream refining and petrochemicals operations.
This chapter includes an interview with RPN Singh, Indian Minister of State for Petroleum and Natural Gas. It also features viewpoints with Maria van der Hoeven, Executive Director, International Energy Agency; and Peter Voser, Global CEO, Shell.