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Saudi Arabian Oil Co. plans to expand pumping capacity up to 15 million bpd of oil, as needed by the market, and to explore and develop new fields over the next five years. To support this effort, the company will invest $129 billion, according to Saudi Oil Minister Ali Naimi. The company will bring one new field online and increase output from two others by the end of 2008.
Khursaniyah Field will come onstream next month with the potential to add 500,000 bpd of oil. Increased production at Nuayyim and Shaybah oil fields will add up to 350,000 bopd to that potential flow, also by year’s end. The recently developed Nuayyim Field will reach 100,000 bopd of output, while Shaybah Field output will expand to 750,000 bopd from its present 500,000 bopd flow. This new production will offset reduced production from other OPEC nations.
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