To maintain output capacity at about 12.5mn b/d state-owned Saudi Aramco plans to spend around $35bn over the next five years. ‘’We are continuing to strengthen our oil business to meet the rising call on our oil production; in fact, we plan to invest $35bn over the next five years in crude oil exploration and development alone to keep our oil production portfolio robust,’’ Khalid al-Falih CEO of Saudi Aramco said in a recent speech.
The Aramco chief and Ali Naimi, Saudi Arabia’s Minister of Petroleum and Mineral Resources, toured some of the company’s ‘mega’ projects on 16 October, where the minister launched Manifa oil field’s reservoir water injection operations. Its production capacity will be 500,000 b/d in the first half of 2013, ramping up to 900,000 b/d by 2014. Manifa will help stabilize Saudi capacity by offsetting declines from mature fields. (CONTINUED - 1138 WORDS)