Saudi Aramco plans to increase oil resources by 2025
19 Nov 2014
(MENAFN) Saudi Aramco, the state oil giant said that it expects to increase its oil resources to reach 900 billion barrels by 2025, in comparison with the current 790 billion barrels, The Peninsula Qatar reported.
The company, which has 716 billion barrels of total crude reserves, of which 51 percent are recoverable, said that its current recoverable crude oil and condensate reserves stand at around 260.2 billion barrels.
The company said that it currently targeting to increase its average recovery rates from their oil reservoirs by 20 percent which could add 160 billion barrels of additional reserves, resulting Saudi Arabia having a larger amount of reserves compared with the current reserves of the United States, Russia, China, the UK and Brazil combined.
Aramco is currently pumping 9.7 million to 9.8 million barrels per day (bpd), which is a significant contribution to Saudi’s output capacity of 12.5 million bpd, with plans that its oil production to depend in demand for next year.
“We do not care about the oil prices, we don’t play with them. We even don’t have our own benchmark. Of course we are not interested in too high and too low prices, especially since Saudi can easily adjust its production according to demand given its significant spare capacity,” Aramco’s CEO said.