Saudis primed for exploration push

AP

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Anthea Pitt

 15 May 2006 10:56 GMT

Saudi Arabia is "quadrupling" exploration activities to boost its oil reserves by 25% by 2025, a Saudi Aramco official said today.



Aramco has 260 billion barrels of proven oil reserves and a sustainable production capacity of 10.8 million barrels per day, the company's production and facility development manager Mohammed al-Qahtani said.

"The 260 billion barrels represents 36% of discovered oil resources, this is the so called oil initially in place. We have 716 billion barrels of discovered resources. We produced 106 billion barrels so far, that is 15%, and 36 percent is our proven reserves," he told an Arab energy conference.

"We are estimating that by 2025 we will increase total discovered…

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