Saudi Arabia’s oil production capacity will reach 12 million barrels per day by 2009, Saudi Aramco President and CEO Abdullah Jum’ah said yesterday. Jum’ah made the remark in an address to the Asia Oil and Gas Conference.
“In the next five to six years, we will be adding production capacity. Some of that capacity will offset natural decline, while the remainder will serve to expand our maximum sustained production capability, which by the end of 2009 will reach 12 million barrels per day,” Jum’ah said.
He added that Saudi Arabia has well over a century’s worth of oil. “We continue to expand our reserve base, and conservatively estimate our additional potential of recoverable oil to be in the range of 200 billion barrels,” Jum’ah said.
He also outlined a number of initiatives Saudi Aramco is taking to meet challenges in the energy industry, including expanding oil refining capacity both in the Kingdom and abroad and expanding the capacity of Saudi Arabia’s natural gas network, the Master Gas System.