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"This combines with some sobering news from the EIA, which notes in its country field on Saudi Arabia, “One challenge the Saudis face in achieving their strategic vision to add production capacity is that their existing fields experience 6 to 8 percent annual decline rates on average in existing fields, meaning that the country needs around 700,000 bpd in additional capacity each year just to compensate for natural decline. Decline estimates for Saudi Arabia vary widely, however.
The Ministry of Petroleum maintains that decline rates in Saudi Arabia are around 2 percent annually. Saudi Aramco has stated that it will also conduct additional drilling at currently producing fields in order to help compensate for the natural declines from the mature fields."