Mahmoud M. Abdul Baqi Nansen G. Saleri Saudi Aramco Mahmoud M. Abdul Baqi Nansen G. Saleri Saudi Aramco Fifty-Year Crude Oil Supply Scenarios: Saudi Aramco’s Perspective Fifty-Year Crude Oil Supply Scenarios: Saudi Aramco’s Perspective February 24, 2004 CSIS, Washington D.C. February 24, 2004 CSIS, Washington D.C.
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Source: BP Annual Statistical ReviewSource: BP Annual Statistical Review
Saudi Aramco’s PerspectiveSaudi Aramco’s Perspective
• Sustainable Performance • Maximum Hydrocarbon Recovery• Life-Cycle Economics • Prudent Reserves Management• Excellence in Safety and
Environmental Practices
• Sustainable Performance • Maximum Hydrocarbon Recovery• Life-Cycle Economics • Prudent Reserves Management• Excellence in Safety and
Environmental Practices
Reliable Supplier of OilReliable Supplier of OilReliable Supplier of OilReliable Supplier of OilReliable Supplier of OilReliable Supplier of OilReliable Supplier of OilReliable Supplier of Oil
Growth Of Oil Initially In PlaceGrowth Of Oil Initially In PlaceGrowth Of Oil Initially In PlaceGrowth Of Oil Initially In PlaceGrowth Of Oil Initially In PlaceGrowth Of Oil Initially In PlaceGrowth Of Oil Initially In PlaceGrowth Of Oil Initially In Place
Proved Reserves(Saudi Aramco vs. Industry)Proved Reserves(Saudi Aramco vs. Industry)
Saudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are ConservativeSaudi Arabia’s Oil Reserves are Conservative
SPE/WPC/AAPGSPE/WPC/AAPGSaudi
AramcoSaudi
AramcoCommercial (Current) Commercial (Current)
- Prices- Prices
- Operating Methods- Operating Methods
Areal ExtentAreal Extent- Hydrocarbon Water Contact- Hydrocarbon Water Contact
- Deepest Known Hydrocarbon Depth- Deepest Known Hydrocarbon Depth
‘‘‘‘Ain Dar/Shedgum Area / Arab DResources Depletion State (1/1/2004)Resources Depletion State (1/1/2004)Resources Depletion State (1/1/2004)Resources Depletion State (1/1/2004)‘‘‘‘Ain Dar/Shedgum Area / Arab DResources Depletion State (1/1/2004)Resources Depletion State (1/1/2004)Resources Depletion State (1/1/2004)Resources Depletion State (1/1/2004)
OIIP: 68.1 Billion BarrelsProved Reserves: 40.8 Billion Barrels (60% of OIIP)Estimated Ultimate Recovery: 51 Billion Barrels (75% of OIIP)
OIIP: 68.1 Billion BarrelsProved Reserves: 40.8 Billion Barrels (60% of OIIP)Estimated Ultimate Recovery: 51 Billion Barrels (75% of OIIP)
50-Year Crude Scenarios10 Million Barrels / Day 10 Million Barrels / Day 10 Million Barrels / Day 10 Million Barrels / Day Maximum Sustainable Capacity - MSC
50-Year Crude Scenarios10 Million Barrels / Day 10 Million Barrels / Day 10 Million Barrels / Day 10 Million Barrels / Day Maximum Sustainable Capacity - MSC
50-Year Crude Scenarios 12 Million Barrels / Day12 Million Barrels / Day12 Million Barrels / Day12 Million Barrels / DayMaximum Sustainable Capacity Maximum Sustainable Capacity Maximum Sustainable Capacity Maximum Sustainable Capacity ---- MSCMSCMSCMSC
50-Year Crude Scenarios 12 Million Barrels / Day12 Million Barrels / Day12 Million Barrels / Day12 Million Barrels / DayMaximum Sustainable Capacity Maximum Sustainable Capacity Maximum Sustainable Capacity Maximum Sustainable Capacity ---- MSCMSCMSCMSC
Lower Unit CostsLower Unit CostsLower Unit CostsLower Unit CostsIncrease RecoveryIncrease RecoveryIncrease RecoveryIncrease RecoveryLower Unit CostsLower Unit CostsLower Unit CostsLower Unit CostsIncrease RecoveryIncrease RecoveryIncrease RecoveryIncrease Recovery
SynopsisSynopsis
• Conservative Reserves with Significant Upward Potential
• Capacity and Commitment to Continue as a Reliable and Cost-Effective Global Oil Supplier
• Sustained Production Levels at 10, 12 and 15 Million Barrels per Day, Well Beyond 2054
• Conservative Reserves with Significant Upward Potential
• Capacity and Commitment to Continue as a Reliable and Cost-Effective Global Oil Supplier
• Sustained Production Levels at 10, 12 and 15 Million Barrels per Day, Well Beyond 2054