Khaled Al-Faleh, president of Saudi Aramco, has said that his company will begin exploration and drilling in the deep water of the Red Sea in the next two years.

The company recently announced a major natural gas finding in the Jalamid gas field in northern Saudi Arabia, where additional discoveries of oil and gas are possible.

While drillings continue, Al-Faleh said that oil production declined in 2008 and 2009, but offered no figures.

Source: Al-Sharq Al-Awsat, March 2, 2010