In 2019, the Company remained one of the world’s largest producers of crude oil and condensate
with an average total hydrocarbon production of 13.2 million barrels per day of oil equivalent.
Saudi Aramco’s total 2019 hydrocarbon reserves under the Concession Agreement were 258.6
billion barrels of oil equivalent (boe), compared to 256.9 billion boe in 2018.
Following the attacks on two facilities in September, the Company restored production levels
within 11 days, due to its emergency response training and procedures. As a result, the Company
demonstrated its long-standing reputation for reliability.
In February 2020, the Company received regulatory approval for the development of the Jafurah
unconventional gas field in the Eastern Province. It is the largest unconventional gas field in the
Kingdom to date, with an estimated 200 trillion cubic feet of resources. The field will be gradually
developed in phases. The start of production of the first phase is expected in early 2024.
In its downstream business, the Company continued to enhance its portfolio, optimizing
operations and capturing value from strategic integration across the hydrocarbon value chain.
Saudi Aramco entered into a share purchase agreement last year to acquire the Public Investment
Fund’s 70% equity interest in SABIC, one of the world’s largest chemicals companies, for $69.1
billion. The acquisition will accelerate Saudi Aramco’s downstream strategy and help capture
rising demand for petrochemical products over the longer term. Upon closing of the SABIC
transaction, anticipated in the first half of 2020, the Company is expected to become one of the
world’s largest petrochemical producers by production capacity.
In December 2019, Saudi Aramco completed the world’s largest initial public offering. This
followed a $12 billion inaugural international bond issuance in April 2019.
Saudi Aramco continued to maintain a position of strong safety with respect to occupational and
process safety performance. This was achieved by continuing to emphasize operational
discipline, visible commitment to safety, and innovative safety technologies.
Saudi Aramco: Public
Saudi Aramco improved its environmental performance of its upstream operations, reducing
carbon intensity to an estimated 10.1 kg of C02e/boe in 2019 compared to 10.2 kg of C02e/boe
the previous year. In addition, the Company is in the process of planting one million trees across
the Kingdom, and has also launched a mangrove project with more than two million mangrove
Source: Saudi Press Agency