Saudi Arabian Oil Co., the world’s largest crude exporter, pumped 9.1 million barrels a day of oil on average last year, the state-run company known as Saudi Aramco said in its annual review.
Average daily output rose 15 percent from 2010, according to the review posted today on Aramco’s website. Reserves of crude oil and condensates fell 0.2 percent to 259.7 billion barrels compared with the previous year, while deposits of natural gas increased 1.3 percent to 282.6 trillion standard cubic feet, it said.
Saudi Arabia has started a program to explore for energy resources in frontier areas including the Red Sea, Ali al-Naimi, the country’s oil minister, said at a May 14 conference in Adelaide, Australia. The government wants to increase the recovery rate at the country’s biggest producing fields to 70 percent from 50 percent, he said. The desert kingdom is exploring for gas, a fuel used in power plants, to help meet rising domestic demand for electricity.
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