Saudi Aramco’s hydrocarbon production was close to an all-time high in 2014 as the company discovered new reserves and stepped up exploration for unconventional oil and gas.
Aramco pumped 9.5mn barrels of oil per day (bopd) last year, up from 9.4mn bopd the year before, while its natural gas output rise to 11/3bn standard cubic feet a day from 11bn in 2013.
Five new gas fields and three oil deposits were found in 2014 followed by “reserves that significantly exceeded production, despite the fact our combined oil and gas production approached an all-time high,” according to former CEO Khalid Al-Falih, who was recently appointed as the Kingdom’s health minister and Aramco’s chairman.
Meanwhile, oil reserves grew to 261.1bn barrels in 2014 from 260.2 in the previous year with gas deposits accounting to 294 trillion standard cubic feet compared to 288.4 trillion two years ago. Aramco said it maintains an production capacity of 12mn barrels a day.
The Saudi state run company also showed strong refining capacity, which jumped to 3.1mn barrels a day at the end of last year.
Adding to the increase was its refining venture with China Petroleum & Chemical Corp. in Fujian, China, which raised capacity to 280,000 barrels day.
Aramco is set for further growth in its downstream segment by 2017 when its 400, 000 barrels per dayJazan refinery is estimated to start production. Aramco is also looking to upgrade three Indonesian refineries, in which it owns stakes.
Aramco is reportedly planning to spend between $70bn and $80bn on acquisitions and investments abroad over the next five years.
It also secured a $10bn loan at the beginning of the year, which bankers said could be used to fund a bid for stake in German synthetic rubber firm Lanxess.
