Saudi Arabian Oil Co. plans to re-open the country's oldest oil field and produce there for the first time in 30 years as the company boosts output of heavy crude, the Economist Intelligence Unit said. Aramco may revive a plan from 2008 to restore production at the mothballed Dammam field, the EIU said in a report. Dammam contains some 500 million barrels of oil and may yield as much as 100,000 barrels a day of Arabian Heavy crude, according to the report. "Dammam field including Dammam Well 7 can operate easily with current technology and Saudi Aramco conducted a 3-D seismic survey over the entire area almost 10 years ago," Sadad Al-Husseini said by e-mail to Bloomberg. Al-Husseini was executive vice president for exploration and development at Saudi Aramco. Dammam field today is surrounded by metropolitan areas and Husseini said if the field is re-activated, he's sure Saudi Aramco will do it "in the most modern, environmentally sensitive and professional manner that least affects the adjacent community." Aramco is considering redeveloping the onshore field in response to "tight market conditions," the London-based researcher said in the report issued Thursday. It shut Dammam, and several small fields, in the early 1980s due to low demand. Officials at Aramco's headquarters in Dhahran didn't answer phone calls seeking comment.
