Top 10 Oil & Gas Companies: Saudi Aramco
Saudi Arabia’s state oil company, Saudi Aramco, is reckoned to be the world’s most valuable company with an estimated value of $2 trillion.
Aramco’s history goes back to 1933 when an oil concession agreement was signed between Saudi Arabia and Standard Oil Company. Over the years the Saudi government gained an increasingly shareholding stake until 1988 when it took full control of the company and rebranded from Aramco (Arabian American Oil Company) to Saudi Aramco (Saudi Arabian Oil Company). From its first export of crude oil in 1939, Saudi Aramco says it now produces one out of every eight barrels of oil in the world, or about 12% of global production, more than any other single producer.
At 261 billion barrels, Saudi Aramco’s stated hydrocarbon reserves are more than ten times those of ExxonMobil, the largest private oil company. It also pumps more oil than the whole of America, about 10.2m barrels a day (b/d), making it also one of the world’s lowest-cost oil producers, argues The Economist, a newspaper.
The biggest oil IPO of all
On January 4th, 2016 Saudi Arabia’s deputy crown prince, Muhammad bin Salman, told The Economist, a newspaper, that the kingdom is considering the possibility of floating shares in the company. The prince continued, stating that he expects Aramco to have a value of at least $2 trillion, but Bernstein estimation this year was at $1.5 trillion, while Rystad put it at $1.4 trillion.
Key facts and figures
· Crude oil and condensate reserves (billions of barrels): 261.1
· Gas reserves (associated and non-associated) (trillions of standard cubic feet): 297.6
· Crude oil production (annual/billions of barrels): 3.7; (daily/millions of barrels): 10.2
· Crude oil exports (millions of barrels): 2,603
· 65,266 total workforce
· President and CEO - Amin H. Nasser
READ MORE: Root Cause Analysis: Defined by Saudi Aramco
A HISTORY OF SAUDI ARAMCO