Riyadh – Saudi Aramco is currently planning for launching five major oil expansion projects, including four crude and one natural gas, at its offshore oil fields to increase Saudi Arabia’s oil output, GlobalData said.
With the new expansion projects, Saudi Aramco will add 1.45 million barrels per day (bpd) more to its oil capacity, according to GlobalData’s recent report ‘Saudi Aramco After IPO – Company Overview and Development Outlook’.
Saudi Aramco, the producer of one eight of the world’s crude oil from 2016 to 2018, mainly depends on oil production, with 88% of its total 2018 upstream output coming from crude.
Oil and gas analyst at GlobalData, Somayeh Davodi, said: “The major expansions at Saudi Aramco’s offshore oil fields of Marjan, Zuluf, Safaniyah and Berri are expected to comprise the majority of the company’s upstream investment over the next three years. Although these developments will also add gas and NGL capacity, the main addition will be oil.”
The Saudi company is able to respond to market supply and demand fluctuations, namely that the company’s MSC capacity in 2018 reached 12 million barrels per day in addition to its spare capacity of 10.5 million bpd oil produced and the remaining 1.5 million bpd.
Davodi added: “Future production, including the ability to realize output gains from new capacity additions, is likely to be highly dependent on OPEC quotas. Production cuts are set to continue into 2020, but could be extended further.”
All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).