(MENAFN - Arab News) Saudi Aramco plans to add 20 percent or 160 billion barrels to the Kingdom's oil reserves, said Khalid Al-Falih, president and chief executive officer of the company
"This figure is more than the combined current reserves of the United States, Russia, China, the UK and Brazil," the Aramco chief said during an address in Dhahran
He said Saudi Aramco would continue its efforts to find new oil and gas resources across the Kingdom. "Our research centers will play a big role in achieving this objective," he said. "Our company aims to establish export-oriented integrated industries apart from oiland gas, which is considered the backbone of the Saudi economy." he added
"We also want to discover large additional resources of oil and gas from both conventional and unconventional sources. We want to image 15,000 feet deep into reservoirs with a seismic resolution of five feet. We want to drill 50 percent faster than we do today, and cut costs along the way.
Saudi Arabia has long been a major exporter of petroleum, Al-Falih said. "In the future, we want to see our nation also become a leading exporter of technological solutions, and a valued contributor to the global pool of knowledge and innovation.