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Friday, September 12, 2008

Gulf states to invest $300 billion for new crude production capacity

ABU DHABI — The Persian Gulf states have launched a $300 billion investment program to bolster crude oil production.

Proleads, a research consultant, said Gulf states intend to bolster crude oil production capacity by 10 million barrels per day by 2015, Middle East Newsline reported. Proleads said Saudi Arabia plans to invest more than $150 billion in the energy enhancement effort.

"Saudi Arabia is leading the way and would contribute more than half the 10 million barrels a day in added capacity if all projects deliver on target by 2015," Proleads director Emil Rademeyer said.

"Saudi Arabia, with one-fifth of the world's proven oil reserves and some of the lowest production costs has an aggressive energy sector investment initiative."

Also In This Edition

Proleads said the Gulf Cooperation Council plan would mean that energy-rich members would suply more than 50 percent of future crude oil capacity by 2015.

The study said GCC states approved $30 billion in investment in upstream oil programs in 2008. The figure was $1.5 billion in 2006.

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