Saudi Aramco’s recently released Annual Review 2015 confirms that the state-owned company produced at record levels last year – averaging 10.2 million barrels per day.
The report, which features highlights of the company’s 2015 performance, also said total refining capacity stood at 3.1 million barrels per day, “reflecting successful rapid expansion downstream, optimizing the overall value of hydrocarbons for Saudi Aramco’s customers and shareholder.”
Khalid al-Falih.
Khalid A. Al-Falih, Saudi Arabia’s new Minister of Energy, Industry and Mineral Resources and Chairman of the Board of Directors of Saudi Aramco said in a release by the company that despite the low oil price environment, “in 2015 Saudi Aramco delivered another record year of crude oil and gas production, as well as making significant rapid progress in its continued domestic and international downstream expansion. These results, delivered through focused operational efficiency and fiscal discipline, have consolidated the Kingdom of Saudi Arabia’s position in international energy markets.”
The report also found that increased U.S. shale-oil production did not severely dampen Saudi oil exports to the United States which were 1 MMBD.
Globally, Saudi Aramco’s exports to major markets increased substantially during the period from 2014 to the end of 2015 – for example, exports to China, Japan, South Korea and India grew by 4.5%, 2.8%, 3.5% and 18% respectively.
“The 2015 Annual Review also highlights Saudi Aramco’s significant and various contributions to the overall social and economic development of Saudi Arabia, including the flagship In-Kingdom Total Value Add (iktva) initiative that is designed to double the percentage of locally produced energy-related goods and services contracted by the company to reach 70% by 2021, thereby driving investment, economic diversification, and job creation in the Kingdom,” the report said.
Click here to download the full .PDF report from Saudi Aramco.
