According to projections for 2025, the fiscal breakeven oil price for Saudi Arabia was **** U.S. dollars per barrel. The projections for Saudi Arabia's external breakeven oil price for the same period were at ** U.S. dollars per barrel. Saudi oil industry   Saudi Arabia’s oil industry entails ** percent of the world’s proven petroleum reserves. Their oil reserves were expected to exceed ** billion metric tons by 2020. Its oil sector accounted for about half of the country’s GDP in 2018, and about ** percent of their export income, as their oil reserves are the second largest in the world and they are the world’s leading petroleum exporter. Saudi Arabia has an advantage over other oil-producing countries as the extraction process is cheaper and easier relative to other regions. The petroleum is handled and mostly controlled by Saudi Aramco which is a public company and the most profitable country in the world as of 2019. The highest value petrochemicals project in the country in 2020 was the Amiral Complex: Ethylene & Propylene Plant. Saudi economy Saudi Arabia is the world’s leader in petroleum exportation. They also had the fifth-largest natural gas reserve in 2019. However, their significant reliance on these natural resources compelled the government to launch its Saudi Vision 2030, which aims on expanding their resources. As a result, in the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014 of more than ** billion U.S. dollars due to the increase of both the oil and non-oil revenues. Public debt witnessed a significant increase in 2020 following the COVID-19 pandemic but was expected to slowly decrease in the following years. Non-oil revenues accounted for about ** percent of the country’s revenue in 2019 . The largest non-oil contributor to the country’s GDP was government services.

As of 2015, the value of breakeven oil price for Venezuela was ***** U.S. dollars per barrel compared to ** U.S. dollars per barrel in Saudi Arabia. The Saudi Arabian oil company Saudi Aramco was evaluated as the world's most profitable company, whose initial public offering was planned to take place by the end of 2019.

1.1a: How does the country legally define the ownership of subsoil extractive resources? 1.1b: Who is the licensing authority (i.e. who has the authority to grant exploration and extraction rights to companies)? 1.1.3d: Is the licensing authority independent from the SOE? 1.1c: What licensing process does the licensing authority follow? 1.1.3a: Is the government required to set pre-defined criteria by which companies become qualified to participate in a licensing process? 1.1.3c: Prior to each license process, is the licensing authority required to disclose the rules governing the licensing process, such as auction or negotiation rules? 1.1.10d: Is the legislature required to ratify licenses/contracts? 1.1.2a: Does a government agency maintain a publicly available registry of rights and license details (i.e. a cadaster)? 1.1.2b: Is the publicly available registry of licenses/contracts available online, offline or in paper? 1.2a: What is the fiscal system for extractive resources? 1.2.5c: Do rules specify the level of state equity (or options for state equity such as carried interest) in extractive companies ? 1.2.6a: Is the government required to make all payments to the national treasury or deposit them into a national resource account, aside from amounts legally retained by SOEs? 1.3.7a: Are there rules governing compensation to landowners or land users when project development interferes with their access to or use of land? 1.3.7b: Are there specific procedures governing the resettlement of land users when project development interferes with their access to or use of land? 1.3.5b: Are there rules governing rehabilitation and closure of extractive projects? 2.3a: Does the country have a natural resource fund which is funded by extractive resource revenues? 4.2.1a: Does the state-owned enterprise publish information on expenditure for exploration and appraisal of new upstream projects in that reporting year? 4.2.1b: Does the state-owned enterprise publish information on expenditure for development of new upstream projects in that reporting year? 4.2.1c: Does the state-owned enterprise publish information on it's projected future expenditure on exploration, appraisal and the development of new projects? 4.2.1d: From 2019 onwards, has the government or a state-owned enterprise disclosed estimated break-even prices for current or projected future upstream projects? 5.6b: Do existing rules governing the compensation and resettlement process include the following principles: - principle of consent of affected persons - principle of replacement cost for compensation - the right to be assisted for the restoration of livelihoods - the right to appeal against decisions on compensations. 5.6c: Are there rules requiring the disclosure of the Resettlement Action Plan or the Livelihood Restoration Plan, in the event that they are required when a project interferes with people's livelihoods?