BAKU, Azerbaijan, Dec.18
By Leman Zeynalova – Trend:
Until 2035, Saudi Aramco will keep production at a level slightly below its production capacity, according to Major Trends in the Global Liquid Hydrocarbon Market to 2035 report released by Russia’s Lukoil company, Trend reports.
The company said that in general, due to the geological features of the fields and the low cost of delivering oil to major consumers, the total cost of oil production in Saudi Arabia is one of the lowest in the world and amounts to about 20 $/barrel.
“Saudi Arabia seeks to maximize the value of its reserves by gradually bringing them into development, and thus extending the lifetime of its oil deposits. Between 2004 and 2009, Saudi Aramco increased its production capacity from 10 to 12 million barrels per day due to the deposits of the Khurais, Khursaniyah, Shaybah and Nuayyim fields. The strategy of Saudi Aramco is to maintain its long-term production capacity at 12 mb/d. After 2020, this target will be accomplished through offshore projects (Zuluf, Marjan, and Berri),” said Lukoil.
Saudi Aramco is the world’s largest integrated oil & gas company producing one in every eight barrels of crude oil globally. In 2018, the Company produced 13.6 million barrels per day of oil equivalent, including 10.3 million barrels per day of crude oil (including blended condensate). The Company’s net refining capacity as of 31 December 2017 made it the fourth largest integrated refiner in the world.
The Company is focused on maintaining its pre-eminent upstream position and continued strategic integration of its downstream operations to secure demand for its crude oil and to capture value across the hydrocarbon chain.
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