2004 News Story
 

12/26/2004
Crown Prince inaugurates Aramco plants in Qatif

Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah today formally launched Saudi Aramco’s expanded Qatif Producing Plants Project. In an address held at the opening of the new 800,000 barrel per day (bpd) production plant, Minister of Petroleum and Mineral Resources Ali Al-Naimi renewed the Kingdom's commitment to a stable oil market by stating that the Qatif Producing Plants will enhance Saudi Arabia’s ability to stablize the oil market.  Al-Naimi confirmed that the Kingdom's current production capacity stands at 11 million bpd and that an extra two million bpd can be brought on-line when needed.  Mr. Al-Naimi noted that the Kingdom's proven oil reserves stand at 261 billion barrels and that Saudi Arabia hopes to increase its recoverable oil reserves by 200 billion barrels through new discoveries and enhanced oil recovery processes.


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