RELATED ARTICLESMarch 2007 - Global issues, global response
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Saudi Aramco steps up oil-export programme
Saudi Arabia will spend $170bn in its energy sector in the next five years as it bets on a global resurgence in economic growth and energy demand
Saudi Aramco, the state-owned oil company, will also start exploring sub-salt structures in the deep water Red Sea within the next two years and start developing "large" oil and gas fields in the north of the country. The kingdom's upstream will receive $90bn of the investment, while the remainder will go on new downstream, refining and petrochemicals projects. Natural gas will be the focus, part of a strategy to gasify the kingdom's power generation, which still relies heavily on oil, and free up extra crude for export. Upstream spending of $62bn in the past five years has taken the country's production capacity to 12m barrels a day (b/d), Aramco's chief executive, Khalid al-Falih, said this week. Opec has spoken in recent months about its producers' need for Click here to continue reading Saudi Aramco steps up oil-export programme
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