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Saudis to quadruple
oil exploration
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SPECIAL TO WORLD TRIBUNE.COM
Friday, May 19, 2006
AMMAN — Saudi Arabia has reported plans for a four-fold increase in
oil exploration.
Saudi Aramco manager Mohammed Al Qahtani told an Arab energy conference
in Jordan this week that by 2025 "we will increase total discovered
resources up to more than 900 billion barrels." He said the state-owned
company would more than quadruple exploration of both oil and natural gas
through 2010, Middle East Newsline reported.
Al Qahtani said the kingdom plans to bolster reserves by 25 percent by
2025. Saudi Aramco has reported 260 billion barrels of proven oil reserves
and a sustainable production capacity of 10.8 million barrels per day.
"The 260 billion barrels represents 36 percent of discovered oil
resources," Al Qahtani said on May 15. "This is the so-called oil initially
in place. We have 716 billion barrels of discovered resources. We produced
106 billion barrels so far, that is 15 percent, and 36 percent is our proven
reserves."
Copyright © 2006 East West
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