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Saudis plan major new search
for oil
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SPECIAL TO WORLD TRIBUNE.COM
Friday, December 23, 2005
ABU DHABI — Saudi Arabia plans to significantly increase efforts to
search for new oil reserves.
Saudi Aramco has approved a plan that envisions a 61 percent increase in
the number of development wells drilled in 2006. The augmented drilling
would seek to increase production to accommodate for any rise in demand, Middle East Newsline reported.
"Due to an unprecedented corporate demand to increase oil output and
meet burgeoning global demand, Saudi Aramco's new operating plan anticipates
that its drilling-rig fleet will be more than double from year-end 2004
through 2006," Armaco said in a statement on Dec. 19.
Armaco controls the oil and natural gas sector in Saudi Arabia. The
kingdom has sought to raise its production capacity from the current 11
million to 15 million barrels of oil per day by 2009.
Copyright © 2005 East West
Services, Inc.
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