Saudi Arabia expects to complete its Manifa heavy oil field in 2015, four years later than originally planned.
Saudi Arabia expects to complete its Manifa heavy oil field in 2015, four years later than originally planned, according to a statement on the Web site of state-run oil company Saudi Aramco. The project, which involves building a man-made causeway to 27 shallow-water drilling islands, will eventually produce 900,000 barrels a day of heavy crude oil, 900 million cubic feet a day of associated gas and 65,000 barrels a day of condensate, a high-value light oil.
Saudi Arabia originally planned to complete the project by mid-2011. In May, Oil Minister Ali al-Naimi said production would only start from Manifa if the market needed more oil.
Manifa is one of several oil field projects that the kingdom is undertaking to boost output capacity and maintain production. Daily output capacity reached 12.5 million barrels in June, al-Naimi said last month. The country maintains spare production capacity of about 4 million barrels a day, according to the Oil Ministry.
The causeway is 60 percent complete and all of the offshore jackets, used to support production platforms, were installed in the second half of the year, according to the statement.
Saudi Arabia pumped 8.19 million barrels of crude a day in November, according to Bloomberg estimates, and is the largest producer in the Organization of Petroleum Exporting Countries.
OPEC said in February that 35 out of 150 oil projects within its member countries had been delayed because of lower demand. On Oct. 22, Secretary-General Abdalla El-Badri said rising prices had enabled OPEC members to resume seven of those projects.
OPEC"s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.