Dec 13 2011 |
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Saudi Aramco To Cut Output At Some Fields On Manifa Start Up -Report
Tuesday, Dec 13, 2011
BEIRUT (Zawya Dow Jones)--Saudi Arabian Oil Co. plans to reduce production at some of its existing, older oil reservoirs when it starts production at its Manifa oil field, pan-Arab Al Hayat daily reports Tuesday citing the company's top executive.
The move is aimed at maximizing recovery rates from these reservoirs in the future, which can't be achieved if production remains at its highest levels, the paper reports, citing Khalid Al Falih, chief executive officer of the company, also known as Saudi Aramco .
If Aramco keeps output at these reservoirs at the same rate after production starts at the Manifa field, this will result in an overall production capacity of 12.9 million barrels a day, but the company "won't do that," he told Al Hayat.
When a maximum production capacity is specified, this doesn't mean that this capacity is the upper production ceiling reached when the valves regulating the oil flow from wells are opened to the maximum, he added, according to the paper.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-12-11 0805GMT
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