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Monday, July 4, 2011     FOR YOUR EYES ONLY

Saudis' new rigs to offset loss of Libyan exports

ABU DHABI — Saudi Arabia has sought to accelerate the procurement of oil rigs for expanded production.


Officials said the Saudi Oil Ministry has ordered additional rigs to maintain the level of crude oil production, set at nine million barrels per day.

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.

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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.

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