The only way is up.(Saudi Aramco, Saudi Arabian Oil Co.)(Company Profile)

It has one quarter of the world's oil reserves and spare capacity equivalent to the production of a major producer. It has the world's largest fleet of tankers and is a leading refiner. Saudi Arabia's energy industry just keeps getting bigger, and Saudi Aramco is now poised to bring a whole lot more capacity on stream.

With projects at Hawiya, Berri, Haradh and Qatif, Aramco is set to commission more than 3,500 million cubic feet a day (cf/d) of new gas capacity and 1.1 million barrels a day (b/d) of oil by the end of 2004. The combined cost of this drive is estimated at more than $4,000 million.

Further work is on the cards. A $3,000 million project to expand capacity at the Khurais field, 100 kilometres west of Ghawar, is under consideration. This is planned to add a further 800,000 b/d by mid-2005, contributing to a total increased oil production capacity of about 12.5 million b/d, from 10.5 million b/d at present.

Aramco is expected to spend at least $2,000 million a year on projects over the next five years. The…