Aramco’s Production Averages at 12.4 mmbbloe/d in 2020

Aramco’s Production Averages at 12.4 mmbbloe/d in 2020
Haradh, SAUDI ARABIA: A general view shows a new plant inaugurated 22 March 2006 in Haradh, about 280 kms (170 miles) southwest of the eastern Saudi oil city of Dhahran, launching a project adding 300,000 barrels of oil to the kingdom’s daily production capacity. The facility which was opened today in a ceremony attended by Saudi Oil Minister Ali al-Nuaimi was completed in January, ahead of schedule, the company said. Approximately 160 kms (100 miles) of new pipeline and extensions will transport crude and gas products to processing facilities further north in the Eastern Province, a statement said. Saudi Arabia, the world’s top crude producer and exporter, currently pumps around 9.5 million bpd of oil and has a production capacity of around 11 million bpd. AFP PHOTO/STR (Photo credit should read -/AFP/Getty Images)

Saudi Aramco achieved an average production of hydrocarbon of 12.4 million barrels per day of oil equivalent (mmbbloe/d) in 2020, of which 9.2 million barrels per day (mmbbl/d) were of crude oil.

The company reached a couple of milestones in 2020 despite a low capital expenditure (CAPEX) of $27 billion. The first was in April when the company achieved the highest single-day crude oil production in its history of 12.1 mmbbl/d.  The second was in August when Aramco reached its second milestone of producing a single-day record of 10.7 billion standard cubic feet per day (bscf/d)) of natural gas from its conventional and unconventional fields.

Additionally, the company’s upstream carbon footprint was limited to about 10.5 kilograms (kg) of carbon dioxide (CO2) per barrel of oil equivalent (boe) in 2020. The Company’s estimated upstream methane intensity was 0.06%.

On the financial side, Aramco earned a net income of $49 billion in 2020 and announced a dividend of $75 billion. The company expects its CAPEX for 2021 to be around $35 billion; lower than the previous guidance of $40-$45 billion. 

“Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up in demand in Asia and also positive signs elsewhere. We remain confident that we will emerge on the other side of this pandemic in a position of strength,” Aramco’s President and CEO Amin H. Nasser, stated.



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