Apr 10 - Saudi Aramco to Drill 300 Development Wells in 2010

Source Press
Company Saudi Aramco 
Tags Upstream Activities
Date April 09, 2010

(World Oil Online) Saudi Aramco will drill at least 300 development wells on- and offshore this year, as well as 48 exploratoration probes. Aramco would maintain the level of rigs it is now operating at 96, of which 17 are for exploration and the rest for development wells.

Decreased activity on oil last year led to a fall in the number of rigs used in the kingdom to 104 from 130. Saudi Arabia saw its crude output fall after Opec announced supply curbs of 4.2 million barrels per day in December 2008.

Falling global oil consumption has left the kingdom sitting on its biggest supply cushion in years and allowed it to shift attention from oil to booming gas demand that is growing by 7% annually. Drilling for gas will continue, with 50% of the rigs in use hunting for gas.

An industry source told the news agency the number of rigs active in the kindgdom used to be 70% for oil and 30% for gas. Drilling in two offshore non-associated gas fields, Arabiyah and Hasbah would start by the end of the year, he said. Gas from these fields would be processed at Aramco's new and biggest plant, Wasit, which has a capacity of 2.5 billion cubic feet per day.

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