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SAUDI ARAMCO PLANS MAJOR OIL, GAS DEVELOPMENT PROJECTS
Manama 17th May 2001

  SAUDI ARAMCO WILL EMBARK ON MASSIVE OIL AND DEVELOPMENT PROJECTS WORTH MORE THAN $15 BILLION OVER THE NEXT FIVE YEARS, SAUDI GAZETTE REPORTED TODAY.

THE NEWSPAPER SAID THIS WAS DISCLOSED BY DHAIF ALLAH A.F. AL-UTAIBI, THE SENIOR VICE PRESIDENT OF SAUDI ARAMCO FOR ENGINEERING AND OPERATIONS SERVICES IN A KEYNOTE ADDRESS HE DELIVERED TUESDAY NIGHT AT THE FORMAL OPENING OF THE 8TH ANNUAL CONFERENCE AND EXHIBITION OF THE PROJECT MANAGEMENT INSTITUTE-GULF CHAPTER AT THE GULF INTERNATIONAL CONVENTION CENTER IN MANAMA.

AL-UTAIBI SAID SAUDI ARAMCO IS TO EXPAND CRUDE OIL PRODUCTION.

'IN RESPONSE TO THE ANTICIPATED INCREASE IN THE DEMAND FOR GAS IN THE KINGDOM, WE HAD TO EXPAND THE CAPACITY OF THE MASTER GAS SYSTEM (MGS) FROM 3.7 BILLION SQUARE CUBIC FEET PER DAY (SCFD) TO 7.8BILLION SCFD,' AL-UTAIBI SAID.

SOME 400 PROJECT MANAGEMENT EXECUTIVES AND BUSINESS LEADERS FROM THE MEMBER STATES OF THE ARAB GULF COOPERATION COUNCIL (GCC), THE UNITED STATES, EUROPE AND JAPAN ARE ATTENDING THE CONFERENCE, WHICH WILL CONCLUDED ITS THREE-DAY DELIBERATIONS IN MANAMA LATER TODAY.

AL-UTAIBI SAID THE SAUDI ARAMCO'S EFFORTS TO FIND NEW ASSOCIATED GAS SOURCES HAS RESULTED IN THE DISCOVERY OF ABOUT 30 TRILLION SCFD IN THE LAST THREE TO FOUR YEARS.

'EXPLORATION FOR MORE GAS SOURCES IS NOW FOCUSED ON THE SOUTH GHAWAR, BERRI AND QATIF FIELDS IN THE EASTERN REGION,' HE ADDED.

HE URGED LOCAL AND FOREIGN COMPANIES TO BE READY TO RESPOND POSITIVELY TO THE OIL, GAS AND PETROCHEMICAL EXPANSION PLANS IN THE GULF REGION DURING THE NEXT TEN YEARS WITH EXPECTED EXPENDITURES OF OVER $50 BILLION.

DURING THE PAST THREE YEARS, HE SAID THE SAUDI ARAMCO HAS INTRODUCED COST REDUCTION MEASURES, IMPROVED EFFICIENCY AND INTRODUCED OPTIMIZATION SYSTEM AND TECHNIQUES THAT HAVE REDUCED COSTS BY OVER $ 1 BILLION.
Source: SPA

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17 May 2001 06:35:22 PM

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