Most of these countries are having issues in terms of supply and utilization. Note that most of the oil fields in the GCC states are already old and some of them are already depleted. With the rising demand for energy within the GCC states and around the world, many sectors fear that these resources will run out faster than was originally projected. To give us a clearer picture of the energy resources and needs of the six member states of the GCC, let us take a look at the energy profiles of the states of Saudi Arabia, Bahrain, Kuwait, Oman, the United Arab Emirates and Qatar. The Kingdom of Saudi Arabia is a member of the Gulf Cooperation Council (GCC) and in the world’s leading oil-producing country. This country is rich in natural gas and has one of the most efficient power systems in the world. The Saudi economy is dominated by two giant companies namely, Aramco which currently holds the development of about 98% of the country’s oil reserve including upstream development and the Saudi Basic Industrial Corporation (SABIC), which is the world’s seventh largest petrochemical company2. Saudi Arabia has one-fifth of the world’s known oil reserves. It is the biggest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), supplying 14% of the United States’ crude oil imports as of 2006. According to the United States Energy Information Administration (EIA) Independent Statistics and Analysis, two-thirds of the county’s are considered as light or extra light grades of oil while one-third is classified as medium or heavy grade. Saudi Arabia has over 100 oil and gas fields with more than 1,500 wells. However, according to the EIA, most of Saudi Arabia’s oil reserves are found in eight locations including the Ghawar3, Safaniya, Khurais, Qatif, Shaybah, Zuluf and Abqaiq which is known as the largest offshore oilfield.
Energy Resources of Countries Belonging to the Gulf Cooperation Council