Aramco Manifa Field Project on Target
Saudi Aramco $10B Manifa Field Project on Target for Mid-2011
DUBAI - Saudi Arabian Oil Co., the world's largest oil company by production, is on schedule with plans to develop the Manifa offshore oil field to produce 900,000 barrels a day of crude by mid-2011, the company has said.
Plans for the field development are "proceeding on schedule" to be completed in June 2011, the Manifa project management team said at a recent progress update meeting in London, according to a report posted on Aramco's Web site Wednesday.
The estimated $10 billion Manifa development program, Aramco's largest-ever offshore project, aims to add 900,000 barrels a day of Arabian Heavy crude and 65,000 barrels a day of condensate production.
The project will also process 90 million cubic feet a day of natural gas.
Persian Gulf oil producers are spending income generated from three years of high oil prices to expand and upgrade their crude oil production capacity to meet rising global demand, in particular from fast-growing Asian economies such as China and India.
