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JEDDAH, 15 December 2005 — Saudi Aramco has approved its operating plan for next year, anticipating a 61 percent increase in the number of development wells drilled in 2006 to support current production and future increase in demand, an official statement said yesterday. “Due to an unprecedented corporate push to increase oil output to help meet burgeoning global demand, Saudi Aramco’s new operating plan anticipates that the company’s drilling-rig fleet will be more than double from year-end 2004 through 2006,” the statement said. The company also plans to carry out four mega-projects and seek new business opportunities in petrochemicals and other derivative products to further develop the Kingdom’s industrial base, provide new jobs for Saudis and stimulate economic growth, the statement said. Saudi Aramco’s executive committee, chaired by its CEO Abdallah S. Jum’ah, “approved the operating plan, net direct expenditures budget and manpower budget for 2006, all anticipating a significant surge in activities in all the company’s operations,” the statement said. The committee expressed satisfaction with the company’s achievements in 2005, given the volatile business and energy markets. It also stressed the need to place a top priority on safety in the coming year: “There can be no compromises when it comes to the safety of our operations and our people.” Abdullah Al-Saif, senior vice president for exploration and production, said the operating plan was based on the company’s 2006-2010 business plan, which focuses on increasing Saudi Aramco’s contribution to the Kingdom’s revenues and on actively promoting development of the local economy. He commended the efforts of Aramco employees in strengthening the company. |
