The state-owned Saudi Arabian Oil Company (Aramco) has commenced an expansion development of the Abu Safa oil field. The company will increase the offshore field’s production by 50 percent by 2004. Oil proceeds from Abu Safa account for approximately 67 percent of the Kingdom’s total revenues. This share is expected to exceed 70 percent once the development work is completed.
The Abu Sa’afa oilfield is equally shared by Bahrain and Saudi Arabia. In support of the Bahraini economy, Saudi Arabia has provided Bahrain with 140,000 barrels of output per day from its share of the Abu Safa field, free of charge, since 1996.
Saudi Arabia produces seven to 10 million barrels of crude a day—12 percent of the world's total—while holding a quarter of all known reserves. With control over the kingdom's production, Saudi Aramco is the world’s largest oil producer. Aramco is responsible for 99 percent of the kingdom’s proven crude oil reserves of 259.2 billion barrels, while daily production is estimated at approximately eight million barrels. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
