Magazine article Washington Report on Middle East Affairs

Saudi Aramco Invests in Future

Magazine article Washington Report on Middle East Affairs

Saudi Aramco Invests in Future

Article excerpt

KHALID AL-FALIH, president and CEO of Saudi Arabian Oil Company (Saudi Aramco), hosted a May 5 reception and dinner at the National Portrait Gallery in Washington, DC. In his welcoming remarks, Al-Falih said Saudi Arabians listened with interest to the thoughtful, yet upbeat, tone in President Barack Obama's inaugural speech and his first television interview with al-Arabiya.

Al-Falih pointed to some important changes in the United States, which he said "has entered into a new era of responsibility and accountability." America is no longer interested in short-term gains, he noted, and this is especially true in the field of energy. Everyone should be a careful steward of the planet's energy resources.

Saudi Arabia is particularly aware of its role as the world's top oil supplier, and will continue to provide an ample supply of energy to both developing and industrial nations. Oil consumption has fallen for two consecutive years and prices are down nearly $100 a barrel due to global economic problems. This is good for the economy, Al-Falih said, but it threatens future investments in the field.

Nonetheless, the Khurais oil field development program is nearly complete, he stated, and the Moneefa oil field project will start up in increments beginning in 2013. …

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