The world’s biggest oil exporter, Saudi Aramco, will not cancel any oil, gas or refining projects, company’s CEO Amin Nasser told press, as Bloomberg reported.
Arabian Business quoted Nasser as saying that “Until now, our projects are continuing in downstream, upstream, there are no projects that have been cancelled from our programs,” adding that “exploration activities are continuing.”
In addition, Aramco is studying a possible expansion of the country’s largest oil refinery, Ras Tanura, which has a capacity of 550,000b/d and presses ahead with an expansion of the Khurais oil field despite lower crude prices.
Further, Aramco plans to double its production of natural gas to 23bcf/d over the next 10 years, Nasser added, and the company will also keep exploring for oil and gas in the Red Sea area.
Aramco has maintained its crude production strategy in the old fields. Expansion of Khurais oil field is due to be complete in 2018 as noted by the company’s former CEO Khalid Al-Falih in 2013. Aramco was seeking to add 300,000b/d to the field’s production to reach a capacity of 1.5mb/d. As to the world’s biggest Ghawar oil field, which has been producing for 70 years, it will keep pumping oil for “many years to come,” Nasser noted.
Moreover, Aramco has made a promising shale gas discovery at the Jafurah field in the Al-Ahsa region, according to Nasser, and is assessing and appraising the area for future production.