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FINANCIAL NEWS
Aramco has no plans to raise oil output capacity
22 Nov 2011
(MENAFN) Saudi Aramco’s chief executive, Khalid Al-Falih, said that at the current time, the company would not raise its oil output capacity to 15 million barrels per day (bpd) from the current 12 million bpd, reported Arab News.
Al-Falih added that if needed, the company could bring into operations a number of projects which front-end engineering work was already in order to compensate reductions from existing fields or to boost capacity.
He also said that the 900,000 bpd Manifa oil field could be increased to 1.2 million bpd, adding that the oilfield was forecasted to reach full capacity by 2014.
It is worth noting that Aramco’s short to medium term plan is to focus on gas.
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