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Aramco to spend USD 90 billion to enhance production
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Saturday, 01 Mar 2008

It is reported that Saudi Arabia’s oil industry has barely scratched the surface with regards to solutions to carbon sequestration. Mr Abdallah Jum‘ah president of Saudi Armco president "The world simply cannot afford to leave massive quantities of oil, gas and coal in the ground and move precipitously to unproven alternatives while still hoping to satisfy future growth in global energy demand."

Mr Jum‘ah said that "I am deeply concerned that if the prevailing confusion involving energy issues continues and key players scatter in different directions, there is considerable risk that the necessary expansion of energy supplies would be significantly compromised."

He added that "With time, we will need to draw upon a variety of energy sources, including alternatives, to help meet demand. The world community needs to reach a consensus on this issue and clearly articulate a future path so that we can work together."

Mr Jum‘ah also said that Saudi Aramco is planning an investment of USD 90 billion over the next 5 years to help strengthen energy security amid growing global demand.

Saudi Aramco is the world's largest oil company by production and reserves and manages 102 oil and gas fields in Saudi Arabia as of mid year 2007. It has proven crude oil reserves of around 259.9 billion barrels of oil and delivers an average daily crude oil production of 8.9 million barrels per day. In 2006, its crude oil exports stood at 2,541,692,569 barrels.

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