Saudi Arabia can add 200 bil barrels to oil reserves: Aramco CEO

Kuala Lumpur (Platts)--12Jun2006

Saudi Arabia currently has proved oil reserves of about 260 billion
barrels, roughly a quarter of the world's total, and "conservatively"
estimates it has recoverable reserves of another 200 billion barrels, Abdallah
Jum'ah, President and CEO of Saudi Aramco, said Monday.
"At Aramco's current production, it is centuries worth of oil," Jum'ah
said in an address to the 11th Asia Oil and Gas Conference in Kuala Lumpur,
via a video conference from Dhahran.
Aramco has some half a dozen crude oil fields at various stages of
development, which will add 3 million b/d of production capacity, he said. By
end-2009, the kingdom's crude production capacity will reach 12 million b/d,
Jum'ah said. Current Saudi output capacity is estimated at 11.3 million b/d.
"Even as our actual production grows, we will maintain a surplus capacity
of 1.5 to 2 million b/d." It is expensive to develop and maintain such spare
capacity, "but it has proved worth its while," he added.

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