Monday, July 4, 2011 FOR YOUR EYES ONLY
Saudis' new rigs to offset loss of Libyan exports
Saudi Arabia has reported an oil output capacity of 12.5 million barrels
per day. The Gulf Cooperation Council kingdom has pledged to offset the
suspension of most Libyan oil exports.
They said the ministry has been working with the state-owned Saudi
Aramco as well as the U.S. firm Halliburton to install the rigs at both new
and aging oil fields.
Aramco was reported to operate 92 rigs. Under the Saudi plan, the number
would increase to 118 by mid-2012.