The Khursaniyah oil field in Saudi Arabia’s Eastern Province has begun pumping 500,000 barrels per day (bpd) of light crude, the Saudi Gazette reported today.
The output from the giant Khursaniyah field is the largest single increment in global oil production for several years.
“The facility is operational and producing crude,” a Saudi Aramco source said, as quoted in the Saudi Gazette. “Its production rates are dependent on our company’s monthly production targets for each facility,” the source said.
Production from the Khursaniyah field had been delayed from its original start date of December 2007. Its development is part of a wider initiative by the government to boost oil and gas production.
Saudi Arabia is investing nearly $90 billion of its oil revenue in the oil industry. By 2009, the Kingdom hopes to increase oil production capacity to 12.5 million bpd and double its refining capacity to 6 million bpd.
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet in Vienna on September 9 to review output policy.