Saudi Aramco is preparing a plan to boost drilling activity by a third and increase investments by 40 percent, the London-based magazine reported, citing sources close to the state firm.

A final version of Aramco's plan, which runs from 2009 to 2013, is expected to be approved by the company's board and the Oil Ministry by mid-May, according to Middle East Economic Digest (Meed).

Aramco will bolster the number of wells drilled around the kingdom to 248, compared with an initial target of 187 and investment on projects will be increased to $13.7 billion from $10.7 billion under the draft plan, the magazine reported.

The increase in drilling activity will be aimed at sustaining the kingdom's production target of 12.5 million barrels a day, which it expects to reach by the end of 2009, it added.

Saudi oil minister Ali Al-Naimi said the world's top oil exporter has no plans to embark on further capacity expansion as long-term oil demand forecasts fall and alternative fuel supplies rise.

He also said the world has enough oil to fuel future economic growth, but the energy industry is facing a big challenge to ensure investment is enough to meet future demand.-Reuters