Saudi Aramco developing several fields, boosting drilling for oil and gas

Saudi Aramco is responding to rising global oil demand and limited spare production capacity by developing several fields and increasing drilling, a company official said in an OTC presentation.Rigs in growing numbers are conducting both exploration and development drilling in Saudi Arabia, said Abd Allah S. Al-Saif, Aramco senior vice-president exploration and producing.Al-Saif noted that Saudi Arabia has 85 oil fields, with 320 reservoirs, and about 260 billion bbl of oil reserves. He said reserves estimates are based on “acceptable industry standards and are conservative estimates.”He explained that the reserves calculations do not include enhanced oil recovery, producing o...

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