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FINANCIAL NEWS
Saudi Aramco eyes 500,000bpd output from Manifa field in H1 2013
17 Oct 2012
(MENAFN) Saudi Aramco, the world’s largest oil producer expected to extract an initial 500,000 bpd of oil from Manifa field, located in the shallow waters in the Persian Gulf, in the first half of 2013, Reuters reported.
Manifa’s crude output should rise to 900,000 bpd by 2014, the company said in a statement.
The production will flow in part to a new refinery run by Aramco and France’s Total in Jubail on the Saudi eastern coast. The refinery has a 400,000 bpd capacity.
Another portion of the output will go to an Aramco joint-venture refinery with China’s Sinopec in Yanbu, on the Red Sea coast.
Manifa will produce Arabian Heavy crude. Aramco officials have said the field is not expected to boost the Kingdom’s oil production capacity, but will serve to keep capacity stable by offsetting declines from other fields.
In May, Aramco projected Manifa’s development to be completed in 2013 and that the field would be fully operational by December 2014.
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