Saudi Aramco Plans Steep Increase in Exploration Wells

Saudi Arabia plans to more than double the number of its exploration wells by 2011, an executive at Saudi Arabian Oil Co. (SOI.YY), or Saudi Aramco, said Monday.

Aramco, which is on track to increase its capacity to 12.5 million barrels a day by 2010, plans to gradually increase its exploration from about 18 wells in 2006 to about 44 in 2011, said Abd Allah Al-Saif, a senior Aramco vice president and board member.