Saudi Aramco has set the largest investment budget in its history for exploration and production activities, as part of its ongoing efforts to increase its oil and gas reserves, the company’s chief executive officer said.
Speaking on the sidelines of a press conference the company held to celebrate the end of Ramadan, Khalid al-Falih, chief executive of Saudi Aramco, said that his company is exploring unconventional gas. “We have very ambitious exploration plans in the north and the northwest region in the kingdom,” he said. “We have made very promising well discoveries that we will announce soon.”
The chief executive did not specify details of the new exploration and production budget.
Saudi Aramco has already begun drilling in the shallow areas of the Red Sea, and deepwater drilling in the Red Sea will start before the end of this year, he said. Initial results will be announced by the end of this year.
Al-Falih also said that gas production from the country's Karaan field has reached its designed capacity at 1.8 Bcf. Work on the al-Arabiya, Hasba, and Awasat fields are on track for completion in 2014, with a combined total capacity of 2.5 Bcf, he said.
