Board members were briefed on the company's proposed capital and noncapital budgets as well as the company plans and programs under development. All expenditure requests were approved.
They also received a report on the massive Khurais Project, which will add 1.2 million barrels per day of Arabian Light Crude to the Kingdom's hydrocarbon stream. The Khurais Field will be nurtured both by the company's longstanding experience and the latest reservoir management techniques to ensure longevity and maximum oil recovery.
A report about the development of the Karan Field also was received in which Board members learned of the company's plans to harvest as much as 1 billion standard cubic feet per day of Khuff gas.
In addition to all of the company's upstream development plans, Board members appreciated the company's approach to expansion of downstream activities and were advised of progress on engineering, procurement and construction of the Rabigh Refining and Petrochemical Project (PETRORabigh).
The Rabigh Project loans have been syndicated, and the company is working to develop a conversion industry park next to the project.
Board members expressed their appreciation to all company employees for the roles they are playing in the development and expansion of the Kingdom's hydrocarbon resources, its economy and knowledge base. They urged company employees to keep up the good work - sentiments that were echoed by president and CEO Abdallah S. Jum'ah.
"The company is administering and executing ambitious upstream and downstream expansion programs, involving historically high levels of capital expenditures," Jum'ah said.
"All these operations and activities place responsibilities upon all levels of management and all employees," he added. "In the performance of our jobs, in the achievement of our corporate objectives, and in the preservation of the safety of our people and operations, we must all do our part and take personal responsibility."
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