Relying On Human Resources During Crucial Times
Posted: 06 June 2005
Despite the challenges to be faced by the company in the coming years, development of its human resources will continue to be critical, said Saudi Aramco President and CEO Abdallah S. Jum'ah.
In the sidelines of Saudi Aramco’s unveiling of its ambitious 5 year plan for 2006-2010, Kingdom’s national oil company pledged that during the plan period, the company will continue in its exploration efforts to add hydrocarbon reserves. This is to at least replace crude oil production and seek new non-associated gas discoveries through its own programs and in partnership with international oil companies.
 Despite continuous uncertainties over the production outlook from other OPEC countries, Saudi Aramco will be expected to increase production to satisfy a growing call for crude from Saudi Arabia . Oil supplies are expected to decline from mature areas and increase from new production areas mostly from countries outside the Organization for Economic Cooperation Development.
In order to support the development of the Saudi economy, the company will capture opportunities that will facilitate development of the Kingdom's industrial sector by providing new business opportunities and creating jobs.
Jum'ah stressed that despite the challenges to be faced by the company in the coming years, development of its human resources will continue to be critical, along with a sharp focus on increasing efficiency and productivity.
By focusing on high-realization markets and maintaining a diverse presence in major crude-oil markets, the company will optimize revenues and protect its international oil markets. Moreover, the company will continue to optimize its portfolio of assets to improve productivity and enhance revenue generation.
The company also will continue to follow its Strategic Direction to maximize revenues to the Kingdom and promote the local economy.
The 5-Year Vision
Jum'ah unveiled the company's ambitious five-year plan for 2006-2010 At a meeting of the company's top executives at the Exploration and Petroleum Engineering Center (EXPEC) auditorium,
The plan has been endorsed by the board of directors and will be submitted to the Supreme Council of the Ministry of Petroleum and Minerals, Jum'ah said.
"This business plan marks the start of a new era for the company, where significant investments will be made in developing new crude-production increments to expand maximum sustained capacity above its current level of 10.5 million barrels per day," he said.
"The increase in production capacity will maintain a spare capacity of 1.5 to 2 million barrels above production levels," Jum'ah added, "therefore assuring global markets that the company will maintain its position of being the world's most reliable supplier of crude oil during global supply disruptions."
Jum'ah emphasized that the challenging work facing the company means that, "We have to double, triple and quadruple our efforts and not cut corners in order to ensure success in our initiatives. We need to take this message down to front-line workers: We have a big job to do, and we have to do it in the most proper way we can."
Presentations given at the EXPEC meeting laid out plans to meet the call on Saudi Aramco resulting from developments in global oil demand patterns, global crude oil supply scenarios and continued growth in the demand for natural gas and refined products in the Kingdom.
Posted by Editor Pipeline Magazine
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