The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi inaugurated here today Exhibition of Saudi International Oil and Energy 2006 organized by Riyadh Exhibitions Limited Company. More than 80 local, regional and international companies representing 14 countries are taking part in the Exhibition. The inaugural ceremony was attended by Prince Abdulaziz bin Salman bin Abdulaziz, Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs and Prince Faisal bin Turki bin Abdulaziz, Advisor at the Ministry. In a press statement, replying to a question on the presence of a surplus of 1 million barrels per day and its future effect on oil prices, Minister Al-Naimi said, '' Any defect in the bases of the oil industry has an effect. But this is one of many factors which have positive and some have negative effects. If the surplus is in stores, it is one factor having effects; but there are other things negatively affect oil.'' On offering shares of companies supervised by the Ministry in the field of oil, energy and mining for subscription, he said it is now under study. As for gas prospection concessions, the Minister of Petroleum and Mineral Resources said that most of the companies which have had concessions are currently conducting surveys and two of four started drilling and we are waiting results. Regarding the Exhibition, he said it will be annually or biennially held.
