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72-478: Ghawar is entirely owned and operated by Saudi Aramco , the state-run Saudi oil company. In April 2019, the company first published its profit figures since its nationalization nearly 40 years ago in the context of issuing a bond to international markets. The bond prospectus revealed that Ghawar is able to pump a maximum of 3.8 million barrels (600,000 m) per day—well below the more than 5 million barrels (790,000 m) per day that had become conventional wisdom in

144-493: A 50% fall in net income for the first half of its financial year, as demand for oil and prices continued to fall due to the coronavirus crisis . On 3 November 2020, Saudi Aramco reported a 44.6% drop in third-quarter net profit amid the COVID-19 pandemic. On 14 December 2020, Saudi state TV announced that an oil tanker carrying over 60,000 metric tons of unleaded gasoline from an Aramco refinery at Yanbu, had been attacked by

216-561: A 70% share in SABIC , a chemicals manufacturing company. In June 2020, Saudi Aramco laid off nearly 500 of its more than 70,000 employees, as global energy firms reduced their workforce due to the COVID-19 pandemic . Most of the workers who lost their job at Aramco were foreigners. On 31 July 2020, Saudi Aramco lost its title as the world's largest listed company by market capitalization to Apple . On 9 August 2020, Saudi Aramco reported

288-680: A barrel, Aramco announced it would increase production to 9.7 million barrels per day (mbpd). Then as prices plummeted, Aramco stated in January 2009, that it would reduce production to 7.7 mbpd. In 2011, Saudi Aramco started production from the Karan Gas Field, with an output of more than 400 million scf per day. In January 2016, the Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud , announced he

360-581: A bond issue by an emerging market entity. Aramco announced on Sunday 3 November 2019 its plan to list 1.5% of its value as an IPO on the Tadawul stock exchange . On 9 November 2019, Saudi Aramco released a 600-page prospectus giving details of the IPO. According to the specifications provided, up to 0.5% of the shares were locked for individual retail investors. On 4 December 2019, Saudi Aramco priced its offering at 32 Saudi riyals (approximately US$ 8.53 at

432-633: A concession to SoCal in preference to a rival bid from the Iraq Petroleum Company . The concession allowed SoCal to explore for oil in Saudi Arabia. SoCal assigned this concession to a wholly owned subsidiary , California-Arabian Standard Oil ( CASOC ). In 1936, with the company having had no success at locating oil, the Texas Company (Texaco) purchased a 50% stake of the concession. After four years of fruitless exploration,

504-502: A few years earlier. The American government granted US Aramco member companies a tax break known as the golden gimmick equivalent to the profits given to King Abdulaziz. In the wake of the new arrangement, the company's headquarters were moved from New York to Dhahran. In 1951, the company discovered the Safaniya Oil Field , the world's largest offshore field. In 1957, the discovery of smaller connected oil fields confirmed

576-476: A fire in two storage tanks. The incident occurred during qualifying for the 2022 Saudi Arabian Grand Prix . On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc. In August 2022, Saudi Aramco announced that it would acquire Valvoline's petroleum unit for $ 2.65 billion. In March 2023, Saudi Aramco announced that they had seen record profits of $ 161 billion as prices of petrol soared following

648-452: A joint venture. International Energy Agency The International Energy Agency ( IEA ) is a Paris -based autonomous intergovernmental organization , established in 1974, that provides policy recommendations, analysis and data on the global energy sector. The 31 member countries and 13 association countries of the IEA represent 75% of global energy demand. The IEA was set up under

720-540: A message came to the home page apologizing to customers. Computer security specialists said that "The attack, known as Shamoon, is said to have hit "at least one organization" in the sector. Shamoon is capable of wiping files and rendering several computers on a network unusable." Richard Clarke suggests the attack was part of Iran's retaliation for the US involvement in Stuxnet . Security researcher Chris Kubecka , who helped

792-467: A report by Financial Times claimed that Aramco had been bearing the ministry-related expenses; boosting the finance ministry budget allocation. It also included Energy Minister Khalid Al Falih ’s company-related and diplomatic trips, as well as his stays in luxurious hotels. However, an ally mentioned that Falih’s policies have delivered additional oil revenues that far exceeded his expenses. In September 2019, Saudi Arabia appointed Yasir Al-Rumayyan as

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864-548: A roadmap for the global energy sector Net Zero by 2050 was published in May 2021 and presented the first comprehensive pathway for the global energy sector to reach net zero emissions by 2050. The report introduced the Net Zero Emissions scenario, showing how to transition to net zero by 2050 while maintaining secure and affordable energy supplies, extending energy access, and encouraging robust economic growth. The report

936-522: A second with Sinopec , and a third with Repsol . By 2004, Aramco was producing 8.6 million barrels per day (mbpd) out of a potential 10 mbpd. In 2005, Aramco launched a five-year plan to spend US$ 50 billion to increase their daily capacity to 12.5 mbpd by increasing production and refining capacity and doubling the number of drilling rigs. In 2005, Saudi Aramco was the world's largest company with an estimated market value of US$ 781 billion. In June 2008, in response to crude oil prices exceeding US$ 130

1008-417: A smaller boat rigged with explosives. In March 2021, Saudi Aramco announced that earnings in 2020 fell by nearly 45% compared with 2019, as lockdowns around the world following the COVID-19 pandemic curbed demand for oil . On 19 March 2021, an Aramco refinery was attacked by six bomb-laden drones. The attack, which was claimed by Houthi rebels, started a fire but caused no injuries or damage, according to

1080-595: A special focus on recent developments. Gas Market Report The Gas Market Report is updated quarterly, providing the latest developments and data for global gas markets. Energy Efficiency Energy Efficiency is an annual report on global progress and developments in the crucial role that efficient appliances, equipment, buildings, transport and industry play in reducing energy use and the resulting emissions. Renewable Energy Market Update The Renewable Energy Market Update surveys new additions in global renewable power capacity and demand for biofuel. The report, which

1152-532: Is the International Energy Agency's (IEA) flagship publication on global energy projections and analysis. It contains medium to long-term energy market projections, extensive statistics , analysis and advice for both governments and the energy business regarding energy security, environmental protection and economic development. The first WEO was published in 1977 and it has been an annual publication since 1998. Net Zero by 2050:

1224-491: Is the fourth- largest company in the world by revenue and is headquartered in Dhahran . Saudi Aramco has both the world's second-largest proven crude oil reserves , at more than 270 billion barrels (43 billion cubic metres), and largest daily oil production of all oil-producing companies. It is the single greatest contributor to global carbon emissions of any company in the world since 1965. Saudi Aramco operates

1296-537: Is thus the largest single supplier of primary energy on Earth. In April 2010, Saad al-Tureiki, Vice-President for Operations at Aramco, stated, in a news conference reported in Saudi media, that over 65 billion barrels (10.3 km) have been produced from the field since 1951. Tureiki further stated that the total reserves of the field had originally exceeded 100 billion barrels (16 km). The International Energy Agency in its 2008 World Energy Outlook stated that

1368-463: The Ghawar Field as the world's largest onshore field. In 1975, the Saudi Arabia second five-year economic plan included a Master Gas Plan. Natural gas would be used to generate power, rather than flaring the gas . The plan counted on using the associated gas , but by 1985, Aramco was able to include a billion standard cubic foot per day (Bscfd) of non-associated gas. This non-associated gas

1440-622: The Libyan crisis , and twice in 2022 in response to the Russian invasion of Ukraine . In addition to the emergency release mechanism, the IEA's initial mandates include reducing dependence on oil, developing alternative energy sources, energy research and development, and collaboration with oil-producing companies and countries to create a stable energy market. Members are expected to draw up plans on demand reduction and efficiency measures that can be implemented during energy emergencies. In 2015,

1512-612: The Persian Gulf War , Aramco was expected to replace much of the oil production removed from the global market due to the embargo of Iraq and occupied Kuwait. This amounted to producing an extra 4.8 million barrels per day (Mbpd) to keep the global oil market stable. In addition, Aramco was expected to provide all of the coalition aviation and diesel needs. Aramco recommissioned 146 Harmaliyah, Khurais , and Ghawar oil wells with associated gas oil separation plants , and saltwater treatment pipeline, that had been mothballed during

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1584-522: The Safaniya Field (the world's largest offshore oil field ). On 11 December 2019, the company's shares commenced trading on the Tadawul stock exchange . The shares rose to 35.2 Saudi riyals , giving it a market capitalization of about US$ 1.88 trillion, and surpassed the US$ 2 trillion mark on the second day of trading. Saudi Aramco's origins trace to the oil shortages of World War I and

1656-733: The Yom Kippur War , the Saudi Arabian government acquired a 25% "participation interest" in Aramco's assets. It increased its participation interest to 60% in 1974. Aramco continued to operate and manage the former Aramco assets, including its concessionary interest in certain Saudi Arab oil fields, on behalf of the Saudi Arab Government until 1988. In November 1988, a royal decree created a new Saudi Arab company,

1728-488: The 'Uthmaniyah production area. Ghawar was discovered in 1948 and put on stream in 1951. Some sources claim that Ghawar peaked in 2005, though this is denied by the field operators. Saudi Aramco reported in mid-2008 that Ghawar had produced 48% of its proven reserves. Approximately 60–65% of all Saudi oil produced between 1948 and 2000, came from Ghawar. Cumulative extraction of petroleum through early 2010, has exceeded 65 billion barrels (1.03 × 10 m). In 2009, it

1800-630: The 1980s oil price collapse. Daily production increased from 5.4 Mbpd in July to 8.5 Mbpd in December 1990 after a three-month de-mothball effort. Starting in 1990, Aramco embarked on an expansion of crude oil sales in the Asian market. Agreements with South Korea , the Philippines , and China resulted. By 2016, about 70% of Aramco's crude oil sales were to Asia. In May 2001, Saudi Arabia announced

1872-458: The COVID-19 pandemic. The figures eclipsed the numbers posted by ExxonMobil and Shell, who reported $ 55.7 and $ 39.9 billion in profit respectively. In March 2023, Saudi Aramco announced it was going to acquire a 10% stake in China's Rongsheng Petrochemical Co. Ltd, with an estimated purchase price of $ 3.6 billion, and plans to build a new refining and petrochemical complex in northeast China through

1944-502: The Chairman of Aramco. Al-Rumayyan became head of the country’s sovereign wealth fund by replacing Khalid Al-Falih , who was holding the position since 2015. Aramco computers were attacked by a virus on 15 August 2012. The following day Aramco announced that none of the infected computers were part of the network directly tied to oil production, and that the company would soon resume full operations. Hackers claimed responsibility for

2016-678: The Gas Initiative, which proposed forming three joint ventures with eight IOCs for gas exploration on pure upstream acreage. Core Venture 1 included south Ghawar and north Rub' Al-Khali , Core Venture 2 included the Red Sea , while Core Venture 3 involved Shaybah and Kidan. In 2003, Royal Dutch Shell and TotalEnergies formed a partnership with Saudi Aramco in Core Venture 3. In 2004, Core Venture 1 became three separate joint ventures with Saudi Aramco holding 20%, one with Lukoil ,

2088-796: The Governing Board, discussions with the executive director, and the sharing of information related to the criteria for membership with the Secretariat. The following countries are currently undergoing the accession process: Association was formally launched in 2015 and currently includes 13 countries. The IEA collaborates with Association countries on a wide range of energy-related issues determined through joint programmes of work. Association countries may also participate in most Standing Groups and Ministerial meetings. Egypt and Argentina joined as Association countries in March 2022, and Ukraine

2160-424: The IEA is providing policy advice to its member states and Associated countries to support their energy security and advance their transition to clean energy. Recently, it has focused in particular on supporting global efforts to accelerate clean energy transition, mitigate climate change, reach net zero emissions, and prevent global temperatures from rising above 1.5 °C. All IEA member countries have signed

2232-416: The IEA's chief economist Fatih Birol was appointed executive director, the first time an official from within the organization was picked to lead it. They have a mandate to modernize the agency on three major pillars: broadening the IEA's mandate on energy security beyond oil to include natural gas and electricity; increasing engagement in emerging economies through new Association partnerships; and expanding

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2304-596: The IEA's core focus on clean energy technology and energy efficiency. The new category of "Association countries" was created in 2015, allowing countries that do not fit the criteria for IEA membership to become affiliated with the organization and participate in its work. China, Indonesia, and Thailand were the first to join and the IEA now has thirteen Association countries, including Ukraine since July 2022. IEA member and Association countries represent over 75% of global energy consumption . In 2021, IEA chief Fatih Birol called on policymakers to do more to accelerate

2376-405: The IEA. Member are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. Member countries commit to respond to significant oil disruptions through a collective action to allow more crude oil to enter the global market. Accession countries are those going through the process of becoming full members. The process involves authorisation by

2448-550: The Paris Agreement which aims to limit warming to 1.5 °C, and two thirds of IEA member governments have made commitments to emission neutrality by 2050. The IEA's current executive director is Fatih Birol , who took office in late 2015. IEA publishes a range of reports and other information including its flagship publication, the annual World Energy Outlook , as well as the Net Zero by 2050 report. The IEA

2520-536: The Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco) and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three areas south of Riyadh: the Raghib area about 77 miles (124 km) southeast of the capital. In September 1990, after the start of

2592-496: The area had undergone geologic uplift , an indication that an oil reservoir may be trapped underneath. Oil was indeed found, in what turned out to be the southern reaches of Ghawar. Historically, Ghawar has been subdivided into five production areas, from north to south: ' Ain Dar and Shedgum , ' Uthmaniyah , Hawiyah and Haradh . The major oasis of Al-Ahsa and the city of Al-Hofuf are located on Ghawar's east flank, corresponding to

2664-406: The clean energy transition and reduce emissions , saying that "Clean-energy technologies are slowly but surely going to replace the existing energy industry." After the IEA's 2022 Ministerial meeting, a bi-annual high-level meeting of IEA countries, member countries once again expanded the organisation's mandate to include accelerating the global clean energy transition by "supporting countries in

2736-496: The company establish security after the attack, detailed the level of sophistication in her Black Hat USA 2015 presentation and episode 30 of Darknet Diaries. On 14 September 2019, there was a drone attack on two Saudi Aramco plants: the Abqaiq oil processing facility and Khurais oil field . Houthi rebels claimed responsibility for the attack. The attack cut 5.7 million barrels per day (bpd) of Saudi crude output, over 5% of

2808-841: The company, with SoCal and Texaco retaining 30% each. The newcomers were also shareholders in the Iraq Petroleum Co. and had to get the restrictions of the Red Line Agreement lifted in order to be free to enter into this arrangement. In 1949, ARAMCO had made incursions into the Emirate of Abu Dhabi , leading to a border dispute between Abu Dhabi and Saudi Arabia. In 1950, King Abdulaziz threatened to nationalize his country's oil facilities, thus pressuring Aramco to agree to share profits 50/50. A similar process had taken place with American oil companies in Venezuela

2880-451: The company. While the IPO had been vetted by major banks, the IPO was delayed over concerns of Aramco's corporate structure through 2018 into 2019. The September 2019 drone attacks on Aramco's facilities also delayed the onset of the IPO. On 9 April 2019, Aramco issued bonds collectively valued at US$ 12 billion. Its first international bond issue received more than US$ 100 billion in orders from foreign investors, which breaks all records for

2952-459: The deal included BNP Paribas, MUFG, BofA Securities, SMBC Nikko, First Abu Dhabi Bank, Societe Generale, and BOC International. The company has reported a fall in the net profit of its third-quarter for November 2020, due to increased crude prices and a drop in its demand following the COVID-19 pandemic. On 10 March 2020 Saudi Aramco announced a global partnership with Formula One landing a multi-year deal. On 17 June 2020, Saudi Aramco acquired

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3024-476: The development of ideas which are subsequently put to the Governing Board. Standing Groups meet multiple times a year and are made up of officials from member states. The IEA has several Standing Groups and Committees, focusing on energy research and technology, long-term cooperation, emergency preparedness, and other topics. The 31 member countries and 13 association countries of the IEA represent 75% of global energy demand. Only OECD member states may join

3096-567: The exclusion of American companies from Mesopotamia by the United Kingdom and France under the San Remo Petroleum Agreement of 1920. The US administration had popular support for an " Open Door policy ", which Herbert Hoover , secretary of commerce, initiated in 1921. Standard Oil of California (SoCal) was among those US companies seeking new sources of oil from abroad. The Saudi Arabian government granted

3168-491: The first success came with the seventh drill site in Dhahran in 1938, a well referred to as Dammam No. 7 . This well immediately produced over 1,500 barrels per day (240 m /d), giving the company confidence to continue. On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco ). In 1948, Standard Oil of New Jersey (later known as Exxon) purchased 30% and Socony Vacuum (later Mobil) purchased 10% of

3240-475: The framework of the Organisation for Economic Co-operation and Development (OECD) in the aftermath of the 1973 oil crisis to respond to physical disruptions in global oil supplies, provide data and statistics about the global oil market and energy sector , promote energy savings and conservation, and establish international technical collaboration. Since its founding, the IEA has also coordinated use of

3312-425: The global effort to attain net zero greenhouse gas emissions in the energy sector by mid-century." The "IEA 3.0" mandate also doubles down on strengthening energy security and recognizes the importance of tracking critical minerals and materials to the clean energy transition. The IEA's structure includes a Governing Board, Ministerial Meetings, and Standing Groups and Committees. The Governing Board constitutes

3384-576: The latest addition being Lithuania in 2022. Full members of the IEA must also be members of the OECD and are required to hold 90 days worth of oil imports as emergency stocks . These emergency stocks can be released to stabilize oil markets worldwide and have been activated five times: January 1991 due to the Gulf War , 2005 after devastation in the Gulf of Mexico from hurricanes Katrina and Rita , 2011 during

3456-433: The main decision-making body of the organisation. It is composed of member country representatives and meets three to four times a year. The Governing Board is responsible for the IEA's administrative proceedings and approving binding decisions in relation to energy developments. The IEA Ministerial Meeting is the biennial gathering of energy ministers who determine the broad direction of the IEA. The Ministerial allows for

3528-493: The market. Ghawar occupies an anticline above a basement fault block dating to Carboniferous time, about 320   million years ago; Cretaceous tectonic activity, as the northeast margin of Africa began to impinge on southwest Asia, enhanced the structure. Reservoir rocks are Jurassic Arab-D limestones with exceptional porosity (as much as 35 % of the rock in places), which is about 280 feet (85 m) thick and occurs 6,000 to 7,000 feet (1,800 to 2,100 m) beneath

3600-450: The monthly Oil Market Report analyses the global oil market, providing data and forecasts aimed for an audience of industry, financial, and government officials as well as an academic and NGO audience. Country specific analysis on trade and production tracks both OECD and non-OECD states. Electricity Market Report The Electricity Market Report provides regular forecasts for global electricity demand, supply, generation and emissions, with

3672-876: The official Saudi Press Agency. On 21 March 2021, Saudi Aramco signed an agreement to secure China's energy supplies for the next 50 years, and also to develop new technologies to combat climate change. More recently, they signed a deal with a consortium led by EIG. In July 2021, Saudi Aramco appointed former HSBC Holdings Plc Chief Executive Officer Stuart Gulliver to the company's board of directors. In October 2021, Saudi Aramco announced plans to achieve net-zero carbon emissions from its wholly-owned operations by 2060. On 20 November 2021, Houthi fighters took credit for launching 14 drones at military targets in Riyadh, Abha, Jizan, Najran, and Jeddah, and Aramco's refineries in Jeddah. In 2021, The Guardian reported that Aramco

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3744-614: The oil production from Ghawar reached 66 Bbo in 2007, and that the remaining reserves are 74 Bbo. Matthew Simmons , in his 2005 book Twilight in the Desert , suggested that production from the Ghawar field and Saudi Arabia may soon peak . When appraised in the 1970s, the field was assessed to have 170 billion barrels (27 km) of original oil in place (OOIP), with about 60 billion barrels (9.5 km) recoverable (1975 Aramco estimate quoted by Matt Simmons). The second figure, at least,

3816-473: The oil reserves that its members are required to hold. In subsequent decades, the IEA's role expanded to cover the entire global energy system, encompassing traditional fuels such as gas, and coal as well as cleaner and fast-growing energy sources and technologies including renewable energy sources; solar photovoltaics , wind power , biofuels as well as nuclear power, and hydrogen, and the critical minerals needed for these technologies. The core activity of

3888-606: The public data on government policies and programs to reduce carbon emissions, support energy efficiency, and improve the development and use of renewable and clean energy sources. The database compiles data from several IEA and International Renewable Energy Agency (IRENA) data sources dating back to 1999 and includes information on past, current, and planned policy measures. IEA publications give projections based on sets of assumptions called scenarios . Currently-used scenarios include: Older scenarios include: World Energy Outlook (WEO) The annual World Energy Outlook (WEO)

3960-466: The spread of the computer virus. The virus hit companies within the oil and energy sectors. A group named "Cutting Sword of Justice" claimed responsibility for an attack on 30,000 Saudi Aramco workstations, causing the company to spend months restoring their services. The group later indicated that the Shamoon virus had been used in the attack. Due to this attack, the main site of Aramco went down and

4032-569: The support of the members of the Electric Vehicles Initiative, GEVO highlights and analyses recent developments in EVs and electric mobility. The publication combines historical analysis with projections to 2030 for topics such as charging infrastructure, CO 2 emissions, energy use, and related policy developments. The report includes policy recommendations to advance EV adoption. Oil Market Report First published in 1983,

4104-577: The surface. Source rock is the Jurassic Hanifa formation, a marine shelf deposit of mud and lime with as much as 5 % organic material, it is estimated that 1 % to 7 % is considered good oil source rock. The seal is an evaporitic package of rocks including impermeable anhydrite . In the early 1940s, Max Steineke , Thomas Barger and Ernie Berg noted a bend in the Wadi Al-Sahbah dry riverbed. Measurements confirmed that

4176-514: The time) per share. The company generated subscriptions of total amount equals US$ 119 billion representing 456% of total offer shares. It raised US$ 25.6 billion in its IPO, making it the world's largest IPO, succeeding that of the Alibaba Group in 2014. The company commenced trading on Tadawul on 11 December 2019, with shares rising 10% to 35.2 riyals, giving the company a market capitalization of about US$ 1.88 trillion, and making Saudi Aramco

4248-553: The umbrella of the Organisation for Economic Co-operation and Development (OECD). In 1996, the IEA relocated its headquarters from the Château de la Muette , which it shared with the OECD, to commercially leased space located within the Embassy of Australia, Paris . The IEA operates autonomously, with its own budget and governance structure. The organization began with 16 founding member countries and has since expanded to 31, with

4320-419: The world's largest listed company. The entire Tadawul has a market capitalization of US$ 2.22 trillion. According to a bourse filing made by Aramco, the likes of Goldman Sachs , HSBC , Morgan Stanley , JPMorgan , and NCB Capital were hired by the company for organizing investor calls prior to the planned transaction. The document published by one of the other banks said to be involved in the deal showed that

4392-581: The world's largest single hydrocarbon network, the Master Gas System. In 2013, its crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Along the Eastern Province , Saudi Aramco most notably operates the Ghawar Field (the world's largest onshore oil field ) and

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4464-406: The world's supply. There were discussions by Saudi Arabian officials on postponing Aramco's IPO, because the attacks "sidelined more than half of the kingdom's output" of oil. Since around 2018, Saudi Arabia had been considering to put a portion of Saudi Aramco's ownership, up to 5%, onto public trading via a staged initial public offering (IPO), as to reduce the cost to the government of running

4536-480: Was 3.8 million barrels (600,000 m) per day. Ghawar also produces approximately 2 billion cubic feet (57,000,000 m) of natural gas per day. The operators stimulate production by waterflooding , using seawater at a rate said to be around 7 million barrels (1,100,000 m) per day . Water flooding is said to have begun in 1965. The water cut was about 32% in 2003, and ranged from about 27% to 38% from 1993 to 2003. By 2006, North Uthmaniyah's water cut

4608-439: Was about 46%. Taking the 1.9 × 10 tonnes (1.9 × 10 long tons; 2.1 × 10 short tons) production figure per year and the conventional energy density of crude oil (per the definition of the ton of oil equivalent ) of 41.868 MJ/kg (5275.3 Wh/lb)) the total thermal energy equivalent produced yearly by the oil field is roughly 7.955 EJ or 2.21 PWh of thermal energy equivalent. For comparison, The Ghawar oil field

4680-522: Was considering listing shares of the state-owned company, and selling around 5% of them in order to build a large sovereign wealth fund . On 26 April 2017, Saudi security forces thwarted an attempted attack on an Aramco oil distribution center involving an unmanned boat from Yemen. The Wall Street Journal reported in September 2018, Aramco was considering a US$ 1 billion venture-capital fund to invest in international technology firms. In June 2019,

4752-431: Was estimated that Ghawar produced about 5 million barrels (790,000 m) of oil a day (6.25% of global production), a figure which was later shown to be substantially overestimated. As of 31 December 2018, total reserves of 58.32 billion barrels (9.272 × 10 m) of oil equivalent including 48.25 billion barrels (7.671 × 10 m) barrels of liquid reserves have been confirmed by Saudi Aramco . Average daily extraction

4824-1021: Was formally invited on 16 June 2022, and joined in July 2022. The IEA produces analyses on all energy sources and technologies, on global and regional markets, as well as specific country-level reports and studies on key technologies, minerals, and materials for the clean energy transition. It also produces comprehensive data and statistics for over 150 countries. The IEA's analytical work is split into various categories including policy recommendations, tracking, market forecasts, technical roadmapping, and scenario analysis. The IEA publishes comprehensive data, statistics, and analysis that inform national energy policies and support long-term planning for energy sector investments. The IEA analyses and releases data and information on trends in energy supply, demand, prices, public research and development , and energy efficiency metrics. The data also serves to track short- and long-term trends in countries energy transitions. The Policies and Measures Database (PAMS) makes available to

4896-405: Was founded on November 18, 1974, after the 1973 oil crisis, to avoid future shocks by helping to ensure reliable energy supplies, promote energy efficiency, ensure energy security and encourage technological research and innovation. The Agreement on an International Energy Program (IEP Agreement) established the mandates and structure of the IEA, chartering it as an autonomous organisation under

4968-587: Was not trying to diversify at the same rate as other oil companies, such as Shell and BP. Rather, Aramco announced in 2021 that the company intended to increase crude capacity from 12m barrels a day to 13m barrels by 2027. In February 2022, following crude's ascent to nearly $ 95 per barrel, Saudi Arabia's Aramco boosted oil prices for clients in Asia, the United States, and Europe. In March 2022, Houthi fighters attacked an Aramco storage site in Jeddah causing

5040-524: Was produced from the Kuff Formation , which is a limestone layer 650 metres (2,130 ft) below the oil producing Arab Zone. In 1994, Aramco discovered more non-associated gas in the deeper Jawf sandstone formation, and built plants in Hawiyah and Haradh to process it. This increased the capacity of the Master Gas System to 9.4 billion scfd. In 1973, following US support for Israel during

5112-569: Was the basis for a game created by the IEA and the Financial Times in which players compete to see if they can reduce emissions to net zero. Energy Technology Perspectives (ETP) First issued in 2006, ETP is a bi-annual guidebook on clean energy technology. The publication focuses on challenges, growth areas, and strengths of emerging clean energy technologies and their contribution to global energy and environmental policy-making. Global EV Outlook (GEVO) Published annually with

5184-495: Was understated since that production figure has already been exceeded. Saudi Aramco Saudi Aramco ( Arabic : أرامكو السعودية ʾArāmkū as-Suʿūdiyyah ), officially the Saudi Arabian Oil Company or simply Aramco (formerly Arabian-American Oil Company ), is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia . As of 2024 , it

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