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FINANCIAL NEWS
Aramco to accelerate Manifa operations
20 May 2011
(MENAFN) Saudi Aramco’s chief executive, Khalid Al-Falih, said that the oil company would surge development operations in its Manifa oil field to reach full capacity by 2015, reported Arab News.
Al-Falih added that due to costs cut across its energy projects following the 2008 decline in oil prices, in 2009, the company said that the project wouldn’t pump at full capacity until 2024, adding that the company’s aim was to start pumping from the oilfield and reach 500,000 bpd by mid 2013, while full production would be reached by the year 2015.
He also said that only nine wells were drilled so far and Aramco would speed up the production at the Manifa project. In addition, the company would increase the number of rigs deployed at the project from 8 last month to 24 by the end of this year.
It is worth noting that in 1985, Aramco postponed operations in Manifa due to the heaviness of its crude and decided to develop it in 2007 when global oil demand increased.
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