Riyadh – Mubasher: The Saudi oil giant Aramco reported record levels of oil production and gas processing during 2015, the company’s annual report revealed.
The world's largest oil company pumped an average of 10.2 million barrels per day and processed 11.6 million cubic feet of crude gas, which are both new all-time records.
Despite the current challenges of global oil market, namely the state of imbalance between supply glut and lower demand, Aramco maintained its stance as the first crude supplier to major Asian and US markets. For instance, its exports to China, Japan, North Korea, and India increased by 4.5%, 2.8%, 3.5%, and 18% respectively.
Further, the company’s exports to US markets steadied at 1 million barrels daily in spite of competition from shale oil.
On the course of gaining market share, boosting efficiency, and generating more revenues, the state oil giant is constructing new refineries to secure long-term agreements to sell its crude.
“Due largely to the commissioning of SATORP and the startup of full operations at YASREF, crude oil and condensate throughput to our domestic wholly owned and joint venture refineries rose 9% above 2014 levels. Internationally, we pursued organic growth to build capacity and further integrate chemicals manufacturing with existing and planned refineries, and inorganic growth by forming joint ventures and pursuing potential acquisitions to increase market presence and enhance chemicals competencies,” the annual report indicated.
In addition, the progress of Jazan Refinery and Terminal is well underway and the expansion of Petro Rabigh, advanced toward its startup in 2016.
To meet domestic and international future needs for crude oils, the company plans to enhance the capacity of its 1,200 km East-West Crude Oil Pipeline from 5 to 7 million barrels per day by late 2018, said the company.
Furthermore, construction activities are still underway to increase supplies of natural gas to the Central and Western regions of Saudi Arabia through our Master Gas System, the report uncovered.
“The Phase 1 expansion, which will increase East-West capacity from 2.0 billion scfd to 2.6 billion scfd, was 27% complete at year-end and is scheduled to be completed in 2017. The overall project, slated to be completed in 2018, will add nearly 950 km of new pipelines to the network,” Aramco said.
The company has discovered three new oil fields: Faskar, offshore in the Arabian Gulf near the Berri field; Janab, east of the Ghawar field; and Maqam, in the eastern Rub’ al-Khali. It has also found two new nonassociated gas fields: Edmee, located west of Haradh, and Murooj in the Rub’ al-Khali.
Moreover, the Saudi firm, which earlier announced planning a bourse listing to sell a small number of shares, will keep going ahead to explore in the shallow water of the Red Sea, the report showed.
