ABU DHABI ø Saudi Arabia has reported an increase in its crude oil
The state-owned Saudi Aramco reported that the kingdom's proven crude
oil reserves stood at 259.4 billion barrels at the
end of 2003. This marked an increase of nearly 93 billion barrels over the
figure in 1983. Over the last 20 years, Riyad has pumped 46.9 billion
barrels of oil.
In an address to the International Energy Agency, Aramco's Amin Nasser
said Saudi Arabia could pump as much as 15
million barrels per day for the next 50 years. Nasser said Riyad could
immediately produce around 10 million barrels per day for one year without
having to use its rigs to boost capacity.
"We have the capacity to reach 15 million barrels per day by carrying
out expansion of some fields and we can produce that amount for 50
consecutive years," Nasser said.
"Assuming that we do not reinforce our
available oil deposits through exploration and discoveries, Saudi Arabia
will still be able to produce at least 15 million barrels per day for 15
years, depending on its proven reserves without having to increase those
reserves in place."