FINANCIAL NEWS

Saudi Aramco to spend $24b in 5yrs

09 May 2010

(MENAFN) Saudi Aramco said that it plans to expand its investment Energetic by pumping $24 billion over the next five years in programs to explore for oil and gas in marine areas of the Kingdom, Al Riyadh Newspaper reported.

The Saudi firm aims to explore more oil and gas in marine areas in order to boost its reserves of fossil fuels and the exploration of deposits of new hydrocarbons in the areas submarine.

Sources have reported earlier that Saudi Aramco plans to earmark about 10 percent of the program of capital investments for the development of the productive capacity of the flooded areas.

Saudi Aramco has been focusing on land-fields, while only 10 percent comes from the fields flooded.

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