Saudi Aramco's 2016 review displays continued growth

cq5dam.web.690.388Saudi Aramco's Annual Review 2016 was released in Dhahran on 6 July 2017. (Image source: Saudi Aramco)Saudi Aramco has released its 2016 Annual Review, highlighting the significant achievements in progressing its long-term strategy as the world's leading integrated energy company

The report highlight that there was a record high crude oil production in 2016; 10.5mn bpd. Other highlights included raw gas processing was at 12 bn standard cfpd. Sales gas production was measured at 8.3bn standard cfpd. There was an increased exports of crude oil and refined products as worldwide refining capacity was measured at 5.4mn bpd.

Amin H. Nasser, President and CEO of Saudi Aramco said: “Driven by operational efficiency and fiscal discipline, we continued to build and deliver on our strategic goals in 2016 despite the backdrop of a challenging environment. The company crossed a threshold on its transformative journey to optimise its operations and maximise delivery across all of its capabilities. At the same time, we remained true to our commitments of value creation, technology delivery, and human capital development.”

Saudi Aramco continued to deliver significant achievements to progress its long-term, integrated strategy despite persistently low oil prices and weak growth in the global market. The Company’s upstream business has a resilient low cost position which will endure based on premium reservoir characteristics and Saudi Aramco’s unwavering focus on operational excellence and project management.

In 2016, Saudi Aramco continued to achieve milestones in exploration and capacity expansion. The Company discovered two new oil fields and one new gas field; added 250,000 bpd of crude oil production to its Shaybah facility where it also started a second natural gas liquids processing train; and reached full operational feed capacity of 2.5 Bscfd at the Wasit Gas Plant.

Saudi Aramco strengthened its downstream strategy, taking further steps to expand and integrate its domestic and global portfolio. In-Kingdom, the Sadara joint venture with The Dow Chemical Company, with a production capacity of 3 million tons of performance plastics, started commissioning of the region’s first mixed feed cracker; the Phase II Petro Rabigh ethane cracking project with Japan’s Sumitomo Chemical Co. achieved full operation; and the Company's 400,000 bpd Jazan refinery reached 55 per cent completion.

Saudi Aramco continued to focus its research and development on high-impact technologies with the potential to create significant competitive advantage. The company’s R&D commitment resulted in 285 new patents filed and 175 new patents awarded. Saudi Aramco also achieved breakthroughs, such as the industry’s first trillion-cell simulation and hydrocarbon migration algorithm, making it possible to model the physics of hydrocarbon reservoirs from their original generation to their final production.

Looking ahead to the future, CEO Amin Nasser said: “We are determined to create additional value for the company. We will maintain our focus on reliable energy supply to customers around the world and envision pursuing ultra-clean sustainable oil, doubling our gas supplies, establishing a leading position in renewables, and becoming a global powerhouse in refining chemicals and marketing, all enabled by the finest technologies and most talented employees in the world.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
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