Oil Report

Saudi Electric says oil use for power 274,000 bpd

RIYADH, June 2 (Reuters) - State-controlled Saudi Electricity 5110.SE said on Wednesday that it uses far less oil for power output than figures given by a member of the country's regulatory authority a day earlier.

In a statement issued on Wednesday, power utility Saudi Electricity said 100 million barrels of crude were used in 2009 for electricity production, or about 274,000 barrels per day.

“Half the electricity production in the kingdom uses available natural gas as a feedstock while power plants in the western coast use heavy fuel oil,” the company’s Chief Executive Ali bin Saleh al-Barrak said in the statement.

He did not explain the discrepancy the figures given by Abdullah al-Shehry, governor of the Electricity and Co-generation Regulatory Authority on Tuesday.

Shehry said in remarks carried by the official news agency SPA that about a tenth of the kingdom’s current oil production capacity, or 877,000 barrels per day, goes to the production of electricity. [ID:nLDE6501WE]

He also said that this figure would nearly triple by 2032 to cater for power production expansion plans.

Nearly half of Saudi gas is produced as a by-product of crude, so volumes fluctuate with oil output. [ID:nLO266324] (Writing by Souhail Karam; Editing by Keiron Henderson)