BAKU, Azerbaijan, November 28. In the third quarter of 2023, Saudi Aramco achieved a total hydrocarbon production of 12.8 million barrels of oil equivalent per day (mmboed), Trend reports.
According to the company's financial results, in the third quarter of 2023, Aramco's earnings before interest (EBIT) from upstream projects amounted to $60,632, showing a decrease from $78,399 recorded in the corresponding quarter of 2022.
Throughout the reporting period, the company advanced its gas expansion strategy to fulfill growing domestic needs through ongoing projects. Additionally, Aramco initiated its journey towards becoming a prominent player in the global liquefied natural gas (LNG) market.
The successful commissioning of the Hawiyah gas plant expansion, a component of the Haradh gas increment program, has now brought it online. This expansion has augmented the plant's raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), encompassing approximately 750 mmscfd dedicated to sales gas processing capacity.
The gas compression projects at the Haradh and Hawiyah fields are nearing completion of commissioning activities, with eight out of nine plants already commissioned. The final plant is anticipated to be fully operational in 2023.
At the same time, Aramco made its inaugural international foray into LNG investments by officially entering into agreements to acquire a significant minority interest in MidOcean Energy for $0.5 billion. These agreements also grant Aramco the option to expand its ownership and related privileges in MidOcean Energy at a later date. The finalization of the transaction is contingent upon meeting closing conditions, including regulatory approvals.