DUBAI • State owned oil giant Saudi Aramco said the development of its giant 900,000 barrels per day (bpd) offshore Moneefa oilfield was on schedule for completion in June 2011.

Moneefa is part of the world's biggest oil exporter Saudi Arabia's plans to expand oil production capacity beyound a 2009 target of 12.5 million bpd, from current capacity of 11.3 million bpd.

Moneefa's output will increase Opec's largest producer's supply of Arab Heavy Crude, which refiners find harder and more costly to process than lighter crude. The kingdom has signed deals to build two new 400,000 bpd domestic refineries and to upgrade others at home and abroad to process the heavier oil. Moneefa is also expected to produce around 90 million cubic feet per day of gas and 65,000 bpd of natural gas liquids, Aramco said in a statement on its website.