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Davos deligates hear dependence on oil to stay
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| Khalid Al Falih. |
(1/28/2010 - OGI: Davos) Delegates to the World Economic Forum today were told by Khalid Al Falih, CEO at Saudi Aramco that despite all efforts to the contrary, the world's dependence on oil is going to continue for the foreseeable future and there is plenty of oil to meet the growing demand, peak oil predictions to the contrary.
Al Falih said, "There is too much rhetoric in the public domain about moving away from oil. The issue of peak oil has been pushed behind. There are plenty of resources out there." He said Aramco is comfortable with a cushion of 4 million b/d of spare capacity for years to come, even if worldwide demand increases.
Saudi Arabia sits on the world's largest proven oil reserves, estimated at around 264 billion bbl. It currently produces approximately 8 million b/d and has invested billions of dollars in ramping up the Kingdom's oil production capacity to some 12 million b/d. It has, however, announced plans to raise production to 15 million b/d, but is taking the increase slowly to allow demand to improve. Even still, it commenced production last year of 1.2 million b/d from its giant Khurais Field and is developing the Manifa Field for another 900,000 b/d by 2013.
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