Wednesday, June 16, 2010

Saudi Aramco added 12 trillion feet of gas in '09, but cut oil output on OPEC quota limits

By The Associated Press

CAIRO - Saudi Arabia's state-run oil giant says its oil output dropped around a million barrels per day last year, but it boosted its natural gas reserves by over 4 per cent.

In its 2009 annual review posted on its website on Wednesday, Saudi Aramco said crude production fell to 7.9 million barrels per day in 2009.

The slide reflected the country's lead role in complying with a 4.2 million barrel per day cut in quotas implemented in 2008 by the Organization of the Petroleum Exporting Countries. The group was struggling then with crude prices battered by the global economic meltdown.

Aramco said it added 12.2 trillion feet of non-associated natural gas reserves in 2009.

The boost is key for the kingdom, whose economy and domestic energy demand is steadily growing.

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