Saudi Aramco currently has half a dozen major crude oil increments at various stages of development, with a total production capacity of some three million barrels per day, according to the Company's President and Chief Executive Officer Abdallah S. Jum'ah. "In other words, in the next five to six years, we will be adding production capacity. Some of that capacity will offset natural decline, while the remainder will serve to expand our maximum sustained production capability, which by the end of 2009 will reach 12 million barrels per day," he said. "At the same time, in keeping with Saudi Arabia's current oil policy and as a commitment to world oil markets, we will maintain our surplus production capacity of one-and-a-half to two million barrels a day, even as our actual production grows. This surplus capability is expensive to develop and maintain, but over the years it has repeatedly proven its worth, and so we bear this cost to promote market stability and continued global economic development," said Jum'ah in this year's state-of-the-industry address through a live direct video transmission from Dhahran to Kuala Lampur for Asia's annual conference on Oil and Gas. During the address, he spoke about the strategic programs of Saudi Aramco, which is considered as the biggest petroleum resort in the world. More than 1000 petroleum specialists and officials from the various countries of the world are attending the conference, which is convened this year under the motto of "Balancing the interests of producers and consumers'. --MORE 13/06/2006 13:25 ت م
