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Naimi says no capacity expansion plans now beyond 12.5 mil b/d
RIYADH
Petroleumworld.com 11 14 07
Saudi Arabia will continue to maintain surplus crude production capacity
of 2 million b/d and is continuing its plans to achieve 12.5 million b/d of
total capacity by 2009, the kingdom's oil minister Ali Naimi said Tuesday. But
Naimi said Riyadh currently had no capacity expansion plans beyond the 12.5
million b/d target, but would "watch and see" how the market behaved."We are continuing our projects to 12.5 mil b/d and then we will watch
and see what the market will do," Naimi told a press conference in Riyadh
ahead of the November 17-18 summit of OEPC heads of state in the Saudi
capital. "We will maintain spare capacity of around 2 mil b/d," he said.Naimi said the OPEC kingpin was producing close to 9 million b/d and its
spare capacity currently stood at 3 million b/d. He said Saudi Arabia would
soon add 500,000 b/d of light crude oil. He put current capacity at 11.3
million b/d.He said Saudi capacity was on track to reach 12.5 million b/d by 2009,
with no delays and that rising project costs across the global oil industry
had not affected the kingdom's projects."The kingdom is in a better position to confront high project costs,
which have not affected completion of our projects...When we say that Saudi
capacity is going to go up to 12.5 million b/d by 2009, we assure you that
this, God willing, will happen," Naimi said."The proof is that every project has been completed on time or ahead of
schedule," he said. "Higher costs have not affected our expansion program."
Story from Platts 13 11 07
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