Business | Oil & Gas
Saudi Aramco plans to boost drilling activity
Saudi Aramco is preparing a plan to boost drilling activity by a third and increase investments by 40 per cent, the London-based Middle East Economic Digest (MEED) reported, citing sources close to the state firm.
- Reuters
- Published: 00:45 April 27, 2008
Dubai: Saudi Aramco is preparing a plan to boost drilling activity by a third and increase investments by 40 per cent, the London-based Middle East Economic Digest (MEED) reported, citing sources close to the state firm.
A final version of Aramco's plan, which runs from 2009 to 2013, is expected to be approved by the company's board and the Oil Ministry by mid-May, according to MEED.
Aramco will bolster the number of wells drilled around the kingdom to 248, compared with an initial target of 187 and investment on projects will be increased to $13.7 billion from $10.7 billion under the draft plan.
The increase in drilling activity will be aimed at sustaining the kingdom's production target of 12.5 million barrels a day, which it expects to reach by the end of 2009, it added.
Saudi oil minister Ali Al Nuaimi has said the world's top oil exporter has no plans to embark on further capacity expansion as long-term oil demand forecasts fall and alternative fuel supplies rise.
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