Saudi Aramco has chosen not to cancel its Khurais oil field expansion despite falling oil prices, according to its President Amin Nasser
Khurais oil field’s expansion is due to be completed in 2018, and once completed an ex-CEO claimed in 2013 that it will add 300,000 barrels a day to the field's production.
Speaking at a conference on March 30, Amin Nasser said, “Until now all of our downstream and upstream projects are continuous,” Nasser said. “No project in our programmes [have been] cancelled.”
However, in recent months the oil price tumbled, causing concerns among key industry players and investors that an increase in production could worsen the crisis and further decrease demand.
Oil prices peaked in June 2014 at US$116 a barrel, but fell in February to US$26.05, a 13 year low.
But Nasser said the Saudi Arabian Oil Company will 'keep exploring' for oil and gas in the Red Sea area, and instead of cutting back it is planning to double its gas production to 23bn cubic feet a day over 10 years.
"Saudi Arabia’s dependence on oil isn’t sustainable," added Nasser.
