Saudi Aramco plans major increase in oil drilling, investment
NICOSIA — Saudi Arabia plans to increase oil exploration over the
next four years.
The Middle East Economic Digest reported that Saudi Aramco has drafted a
plan to increase drilling by 33 percent from 2009 through 2013. The industry
newsletter said Aramco would drill 248 wells, a major increase from the
initial 187.
MEED reported that the Saudi plan, expected to be approved by the
company and the Oil Ministry over the next two weeks, also stipulated a 40
percent increase in oil exploration investment. This would mean that Aramco
would invest $13.7 billion, up from the original target of $10.7 billion.
Saudi Arabia, under U.S. pressure to bolster oil production, intends to
increase oil output capability to 12.5 million barrels a day by 2010. So
far, Riyad has been pumping 8.5 million barrels of oil per day, short of its
maximum capacity.
