Saudi Aramco Begins Pumping from Manifa Oil Field 3 Months Ahead of Schedule

Resource Investing

Bloomberg reported that Saudi Arabian Oil Co (Aramco) has begun producing oil from the Manifa oil field, which is known to be the 5th largest oil field in the world, on April 10. The company said the oil field is expected to produce 500,000 bpd by July and will reach 900,000 bpd by the end of 2014.

Bloomberg reported that Saudi Arabian Oil Co (Aramco) has begun producing oil from the Manifa oil field, which is known to be the 5^th largest oil field in the world, on April 10. The company said the oil field is expected to produce 500,000 bpd by July and will reach 900,000 bpd by the end of 2014.

As quoted in the market news:

Crude supply from the $17-billion Manifa project will help the company to maintain its maximum production capacity of 12 million barrels day, without raising output beyond that level, Aramco said in an e-mailed statement.

Click here to read the full Bloomberg report.