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Politics : Rat's Nest - Chronicles of Collapse
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To: Wharf Rat who wrote (7455)4/21/2008 2:16:59 AM
From: Wharf Rat  Read Replies (1) of 24224
 
Saudi Aramco Says New Oil Field, Khursaniyah, Starts Production

By Maher Chmaytelli

April 20 (Bloomberg) -- Saudi Arabia has started production at the Khursaniyah field that will eventually pump 500,000 barrels a day, the head of state-run oil company Saudi Aramco said.

The new field on the east coast ``has already started,'' Saudi Aramco Chief Executive Officer Abdallah Jum'ah said in Rome today, where he is attending the International Energy Forum.

Saudi Arabia is funneling about $90 billion of its oil wealth back into oil production and refining activities in the next five years in an effort to retain its status as the world's largest oil exporter.

Abdulaziz al-Judaimi, Saudi Aramco's vice president of new business development, said in London on April 9 that Khursaniyah would start this month and would be producing 300,000 barrels a day within a month.

Saudi Arabia pumped about 9.2 million barrels of crude a day last month, and has a production capacity of about 10.8 million barrels a day, according to Bloomberg estimates.

Aramco is also working to add production capacity at its Shaybah, Manifa and Khurais oil fields, and by 2009 aims to have boosted its production capacity to 12.5 million barrels a day.

To contact the reporter on this story: Maher Chmaytelli in Rome at mchmaytelli@bloomberg.net
bloomberg.com
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