By Tyler Losier, Energy Reporter, Oil & Gas 360 The staggering size of Aramco: Saudi Arabia’s state-owned oil company In 1933, the government of Saudi Arabia signed a concession agreement with the Standard Oil Company of California, creating an entity known as the California Arabian Standard Oil Company. Two years later, drilling began, and in 1938, famed geologist Max Steineke
By Tyler Losier, Energy Reporter, Oil & Gas 360 Marjan and Berri oilfields to increase capacity by 550,000 BOPD, 2.5 BSCFD of gas Saudi Aramco, the state oil company of Saudi Arabia, has awarded 34 contracts worth $18 billion for increment programs to increase production in its Marjan and Berri oilfields. More specifically, the company plans to add an additional
From Bloomberg Nine-month extension takes output cuts into a fourth year, countries approve new charter formalising OPEC+ grouping It was supposed to be a six-month fling, but Saudi Arabia and Russia have instead signed up for eternity. Complete with poem and celebratory badges, Moscow and Riyadh led two dozen countries in signing a charter to formalize the OPEC+ group that
By Tyler Losier, Energy Reporter, Oil & Gas 360 Inauguration of new facilities includes MoU to build new cracker by 2024 Saudi Aramco joined South Korea’s S-Oil this week to inaugurate the latter company’s new petrochemical facilities: the residue upgrading complex and olefin downstream complex. The new refineries have boosted S-Oil’s petrochemical portion from 8% to 13%, including the production
By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,
By Tyler Losier, Energy Reporter, Oil & Gas 360 Sergio A. Tuberquia joins Data Gumbo as chief commercial officer Data Gumbo, a blockchain-as-a-service (BaaS) company based in Houston, has tapped Sergio A. Tuberquia for the position of chief commercial officer. The hiring of Tuberquia comes shortly after the company received $6 million in series A funding led by Saudi Aramco
From The Houston Chronicle Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea
From Bloomberg The world’s biggest oil exporter is ramping up efforts to develop natural gas with plans for a 15-fold boost in output from unconventional deposits of the fuel. Saudi Aramco is building facilities to tap shale gas in the kingdom’s oil-rich eastern region and is making “a lot of progress” toward this goal, Chief Executive Officer Amin Nasser told reporters
From Bloomberg Saudi Aramco, the world’s biggest oil exporter, dipped a toe into the natural gas business by selling its first cargo of the fuel. Aramco sold the shipment of liquefied natural gas from Singapore, Chief Executive Officer Amin Nasser told reporters, without giving additional details. Aramco’s trading subsidiary sold the cargo last month to an Indian buyer, according to
From Bloomberg Saudi Aramco is well known as the world’s top crude exporter. If all goes to plan, it may also become the biggest user of the fossil fuel. More than a third of Aramco’s oil is currently fed into its fully-owned and joint venture refineries, according to its bond prospectus. The company plans to double its refining network to handle
From Bloomberg When Amin Nasser met investors at the palatial St. Regis hotel in midtown Manhattan last week, the chief executive officer of the world’s biggest oil company had one clear message: we’re in a league of our own. After a bruising two years of being buffeted by delays to an initial public offering, investor skepticism over the valuation and
From CNBC Aramco’s hugely successful bond offering on Tuesday may be the final nail in the coffin for the Saudi oil giant’s much-anticipated and long-delayed stock market debut. Just three years ago, the Saudis cast the initial public offering for Aramco as the key to Crown Prince Mohammed bin Salman’s ambitious plan to diversify his nation’s oil-dependent economy. By offering
