Any doubts about Saudi hegemony in the world oil market? There’s been a lot of talk in the media about Iraq having the potential to catch up to – and even surpass – Saudi Arabian production of oil. And for now, the Russians have taken over Saudi Arabia as the world’s largest oil producer as the Saudis have not yet committed to output numbers at maximum capacity in compliance with OPEC quotas.
But the Saudis are still supreme when it comes to oil. Saudi Arabia just completed a 100 billion dollar expansion plan to its hydrocarbon industry, with much of that money being channeled into “oil and gas output capacity expansions, petrochemicals, refining and associated projects,” according to Aramco.
The program added 3.8 million BPD to output capacity, Emirates Business 24/7 quotes an Aramco report as saying.
The Annual Aramco report also proved new reserves close to at least three of its offshore fields last year, as reported by Offshore Magazine in PennEnergy.
The positive results came from “the offshore Lawhah-46 well, which flowed 30 MMcf/d of gas from the Khuff B reservoir; the Arabiyah-101 offshore delineation well that flowed 11.7 MMcf/d and 20 b/d of condensate from the Jilh reservoir; and the Hasbah-17 offshore delineation well (47.5 MMcf/d from the Khuff B reservoir).”
