OTC: Saudi Aramco emphasizing exploration, natural gas

摘要

Saudi Aramco is shifting its upstream emphasis to exploration and natural gas development after adding 2 million bid to oil production capacity during 2004-2009, according to Zuhair Al-Hussain, VP, drilling and workovers. Aramco's exploratory effort targets increases in gas reserves of 5 tcf/year and replacement of oil production, requiring additions to reserves of 3 billion bbl/year. Al-Hussain said Aramco plans to keep an average of 100 rigs busy in the next 5 years, half drilling for gas and half for oil. Development of heavily instrumented Khurais field, Al-Hussain said, involved drilling of more than 300 horizontal and multilateral wells and 3.4 million ft of hole.