Saudi
Aramco releases annual review 2003
Posted: 12 May 2004
Saudi Aramco has released its 2003 Annual Review. The report highlights
the company’s operations and achievements during the past
year.
The 2003 Annual Review confirms year-end reserves of crude oil
at 259.4 billion barrels and 234.5 trillion standard cubic feet
of natural gas, and reports production during the year of 8.1 million
barrels per day of oil and 6.9 billion standard cubic feet per day
of gas.
The report also details the scope and status of major projects
and activities such as the Qatif and Abu Sa‘fah development,
which will bring an increment of 500,000 barrels per day of blended
Arabian Light and double Abu Sa‘fah Arabian Medium production
to 300,000 barrels per day when completed by the third quarter of
2004.
n a new feature, the 2003 review presents a statement of local
economic impact describing how the company contributes to the national
economy by providing stable and rewarding careers to more than 46,000
Saudi workers and professionals and by company spending to pay for
its own operations.
During the year the company executed contract actions valued at
approximately $3.5 billion, of which the large majority was awarded
to Saudi-owned or Saudi joint-venture companies.
Additionally, the company issued purchase orders valued at $1.6
billion for materials, equipment and supplies, of which 87 percent
was placed directly with Saudi manufacturers and vendors.
In the chairman’s message at the beginning of the Annual
Review, HE Ali I. Al-Naimi, Minister of Petroleum and Mineral Resources
and chairman of Saudi Aramco’s Board of Directors, said that
the company was well prepared to meet its operational and financial
goals and at the same time to further increase its efforts to provide
and promote employment security in the Kingdom and to maximize the
prosperity that arises from the Kingdom’s resource base.
In his introduction to the Annual Review, President and CEO Abdallah
S. Jum‘ah said the company would do more to partner with businesses
and industries that bring investment and employment opportunities
to the Kingdom. “And we will do more to to protect the market
for oil and grow the downstream industries that use our fuels and
feedstock,” he said.
The report also confirms that Saudi Aramco continues in the top
spot of the world’s energy industry for both reserves and
production, and is second to none in its record of reliability as
an energy supplier.
For more information see www.saudiaramco.com
Posted by Richard Price,
Editor Pipeline Magazine
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