Saudi Aramco said the first phase production start-up at the Manifa field commenced recently, 3 months ahead of schedule and well under the program’s approved budget.
The Manifa field’s production capacity is expected to reach 500,000 bpd by July 2013, and is planned to reach its full design capacity of 900,000 bpd of Arabian Heavy crude oil by the end of 2014, while Saudi Aramco’s maximum sustained capacity will be maintained at the level preceding Manifa production.
Last October, Ali Al-Naimi, minister of Petroleum and Mineral Resources and Saudi Aramco’s chairman of the board of directors, led the board members on a review tour of the Manifa field production facilities and inaugurated reservoir water injection along the perimeter of the Manifa field.
The Manifa project is unique in many ways with its innovative engineering design to develop the field’s optimum production capacity, while caring for the environment and optimizing its budget.
The Manifa field includes dry-land rigs linked by a total of 41 kilometers of causeways with a number of elevated bridges designed to maintain natural water flow in the Manifa Bay and preserving natural marine nurseries.
Including a 420-MW heat and electricity plant, the project employed best in class technologies in infrastructure, drilling and production activities consuming more than 80 million man hours without a lost time injury, one of the best safety records in the industry, which qualified the project to receive the “Innovative Oil Project of the Year” award.
Speaking to Saudi Aramco’s leadership and employees, president and chief executive officer, Khalid A. Al-Falih, congratulated the Manifa Project team on their multiple successes by bringing Manifa on stream three months ahead of schedule in line with operational excellence, safety and environmental stewardship and reaching high level of Saudization in operations, mainly attributable to Saudi Aramco’s investments in human resources, operations and infrastructure developments.
“The Manifa story will be a very bright and shining example in our corporate history,” he said.
“It really opens a new page in terms of overcoming various hurdles and complexities most notably through human and technological innovation,” said the CEO.
It is a testimony to the company’s values, particularly citizenship, by caring for the environment, Saudization and relying on national vendors to the maximum extent.”
Al-Falih also praised training programs offered by the company to its employees on the latest techniques in the design, construction, and operation of mega and advanced oil projects.
Manifa project starts first phase of production
Manifa project starts first phase of production
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
