<<Saudi Aramco's CEO Khalid al-Falih warned that rising domestic energy consumption could result in the loss of 3 million barrels per day (bbl/d) of crude oil exports by the end of the decade if no changes were made to current trends...
Decline estimates for Saudi Arabian oil fields vary widely. One industry source (Platts Oilgram, 2006) estimated that the declines rates for existing fields could range from 6 to 8 percent annually, meaning that the country needs about 700,000 bbl/d in additional capacity each year just to compensate for natural decline. The Ministry of Petroleum and Mineral Resources maintains that decline rates in Saudi Arabia are closer to 2 to 3 percent per year. Saudi Aramco has stated that it will conduct additional drilling at existing fields in order to help compensate for the natural declines from the mature fields, and the kingdom is budgeting $20-$30 billion over the next 5 years to offset decline rates and maintain current capacity levels.>>
http://www.eia.gov/countries/cab.cfm?fips=SA
Decline estimates for Saudi Arabian oil fields vary widely. One industry source (Platts Oilgram, 2006) estimated that the declines rates for existing fields could range from 6 to 8 percent annually, meaning that the country needs about 700,000 bbl/d in additional capacity each year just to compensate for natural decline. The Ministry of Petroleum and Mineral Resources maintains that decline rates in Saudi Arabia are closer to 2 to 3 percent per year. Saudi Aramco has stated that it will conduct additional drilling at existing fields in order to help compensate for the natural declines from the mature fields, and the kingdom is budgeting $20-$30 billion over the next 5 years to offset decline rates and maintain current capacity levels.>>
http://www.eia.gov/countries/cab.cfm?fips=SA
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