Saudi Aramco oil output increased in 2011

Saudi_Aramco_comSaudi Aramco president and chief executive officer Khalid Al-Falih. (Image source: Saudi Aramco)Saudi Aramco's crude oil output in 2011 increased to 9.1 million barrels per day (bpd), up from 7.9 million a year earlier, the oil giant's 2011 annual review has revealed

President and chief executive officer of Saudi Aramco, Khalid Al-Falih, said in the review, “We exceeded our production target, increased our innovation efforts, aggressively grew our downstream businesses, and continued to meet fast-growing domestic and global demand for energy.”

Aramco’s annual oil output rose to 3.31 billion barrels from 2.89 billion barrels in 2010, while its exports jumped to 2.42 billion barrels in 2011 from 2.02 billion in 2010, the company said.

The review showed that Aramco’s gas production averaged 9.9 billion cubic feet per day in 2011, up 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. According to Aramco, the kingdom's proven conventional crude oil and condensate reserves, the world’s largest, slipped by 0.2 per cent to 259.7 billion barrels in 2011 from 260.1 billion a year earlier, while deposits of natural gas increased 1.3 per cent to 282.6 trillion standard cubic feet. 

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