Saudi Aramco pumped more barrels of crude per day in 2016 than any oil company in history, according to the company’s annual review published on July 6, 2017.
The review shows that crude production at Aramco averaged a record of 10.5 million barrels of oil per day in 2016, much bigger than any of its rivals in Russia, Iran or the US.
The 2016 review also reveals that reserves are steady at around the 260 billion barrel mark, though this is being reassessed separately by independent audit, and that Aramco’s share of worldwide refining capacity was 3.1 million barrels per day.
The review comes as Aramco gears up for an IPO on Saudi and global stock markets, which is expected to value it at $2 trillion, according to an official estimates.
The IPO of Aramco - expected in the 2nd half of 2018 - is the key feature of the ambitious plan, known as Vision 2030, to transform the economy away from dependency on energy revenue.
Amin Nasser, president and chief executive of Saudi Aramco, said that 3 major developments had impacted Aramco’s business in 2016.
Although the review does not contain any new financial information, advisers to the company regard it as an important agenda-setting part of the preparation for the IPO, highlighting the depth and breadth of Aramco’s business in Saudi Arabia and the world.
In upstream activity, the review said that Aramco discovered 2 new oil fields and 1 new gas field in 2016.
Downstream, it took steps to expand and integrate its domestic and global portfolio, in refining, chemicals and plastics.