Giant Saudi field is key to boosting oil output
by Magdalena Rosova
Khurais oil massive field surrounded by immense desert feels like the middle of nowhere. However, the undeveloped giant oil field could be the key to what drivers will pay at the pump in future.
Khurais recorded the largest expansion of oil production capacity in history. According to record fuel prices, USA pushed Saudi Arabia to produce more oil. In consequence, Khurais became the most important place in the world economy.
Aramco, state-owned oil company, is investing $10 billion to build infrastructure to pump 1.2 million barrels of oil a day from Khurais and two smaller oil field in surroundings. That will be more than the total production of Qatar, Indonesia or Ecuador.
Consuming nations push Saudi Arabia to raise production even more. In order to bring down record oil prices they demand Saudi Arabia to start pumping immediately.
The world's top oil exporter plans to produce 9.7 million barrels a day in July. That will make 11 percent of the world's total produce.
Saudi Arabia refused to increase production more, saying the falling dollar and financial speculators are blame for high oil prices. Rare meeting of oil consuming and producing nations hosted by Saudi Arabia led to misunderstanding. As a conclusion the kingdom said in future it could increase production capacity to 15 million barrels per day. But it is not planning to do so in close future.
Aramco forecasts that developed fields will produce more than 50 billion barrels of oil by 2011. That would give Saudi Arabia the world's ninth largest oil reserves, not counting its existing reserves.
related story: http://www.upstreamonline.com/live/article157801.ece
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>
edited by Beata Biskova
Khurais recorded the largest expansion of oil production capacity in history. According to record fuel prices, USA pushed Saudi Arabia to produce more oil. In consequence, Khurais became the most important place in the world economy.
Aramco, state-owned oil company, is investing $10 billion to build infrastructure to pump 1.2 million barrels of oil a day from Khurais and two smaller oil field in surroundings. That will be more than the total production of Qatar, Indonesia or Ecuador.
Consuming nations push Saudi Arabia to raise production even more. In order to bring down record oil prices they demand Saudi Arabia to start pumping immediately.
The world's top oil exporter plans to produce 9.7 million barrels a day in July. That will make 11 percent of the world's total produce.
Saudi Arabia refused to increase production more, saying the falling dollar and financial speculators are blame for high oil prices. Rare meeting of oil consuming and producing nations hosted by Saudi Arabia led to misunderstanding. As a conclusion the kingdom said in future it could increase production capacity to 15 million barrels per day. But it is not planning to do so in close future.
Aramco forecasts that developed fields will produce more than 50 billion barrels of oil by 2011. That would give Saudi Arabia the world's ninth largest oil reserves, not counting its existing reserves.
related story: http://www.upstreamonline.com/live/article157801.ece
| by Magdalena Rosova for PocketNews (http://pocketnews.tv) |
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>
edited by Beata Biskova
Labels: CantellTV, Chris Cantell, Christopher Cantell, digital broadcasting, SigEx Foundry, SigEx Telecom, World News
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