Aramco’s output takes a dip

Saudi Aramco’s oil output for 2007 fell by an average 400,000 barrels per day from 2006, after the world’s largest oil exporter cut output in line with Opec agreements, data released by the state-run giant showed.

Average daily oil production reached 8.5 million bpd in 2007, resulting in a total production of 3.11 billion barrels for the whole year versus 3.25 billion barrels in 2006, according to the figures.

Aramco’s total crude oil exports reached about 2.41 billion barrels in 2007, down 5.1% from the 2.54 billion barrels it exported in 2006.

Its gas production totalled 2.92 trillion cubic feet in 2007 down from 3 Tcf in 2006, and natural gas liquids production slipped to 394.6 million barrels from 399 million barrels in 2006.

With two new finds, Saudi Arabia maintained its recoverable crude oil and condensate reserves unchanged at 259.9 billion barrels in 2007. Gas reserves increased 2.1% to 253.8 Tcf.

Upstream Online