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Aramco 2011 Crude Output Tops 9 Million Bpd

Source: Reuters 5/28/2012, Location: Middle East

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Saudi Aramco’s crude oil output in 2011 rose to 9.1 million barrels per day (bpd) from 7.9 million a year earlier, the state oil firm said in an annual review released.

“In 2011, the company supported global energy security and petroleum market stability through the continuing reliability of its operations and its investment in significant spare production capacity,” Ali al-Naimi, Aramco’s chairman and the kingdom’s oil minister, said in the review.

“Historically, our spare capacity has been tapped to compensate for production disruptions and declining supply from other major suppliers, and is a cornerstone of the Kingdom’s forward-looking energy policy,” Naimi said. Exports by Saudi Aramco, the oil company of the world’s largest oil exporter, jumped to 2.42 billion barrels in 2011 from 2.02 billion in 2010, it said, rising to 6.63 million bpd from 5.5 million.

Aramco said gas production averaged 9.9 billion cubic feet per day in 2011 from 9.4 billion in 2010. Gas reserves rose to 282.6 trillion standard cubic feet (scf) from 279 trillion.

Saudi Arabia holds the world’s fourth largest gas reserves.

It’s proven conventional crude oil and condensate reserves, the world’s largest, slipped to 259.7 billion barrels in 2011 from 260.1 billion a year earlier, the review showed.

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