Saudi Aramco said Wednesday its 2008 total crude oil production reached 3.26 billion barrels against 3.11 billion barrels in 2007, with its 2008 average daily production standing at 8.9 million barrels a day. In its annual review, Aramco, which is fully owned by the Saudi Arabian government, also said its total domestic refining capacity, coming from its four wholly owned refineries and three joint venture refineries, is 1.49 million barrel a day. Average daily oil production reached 8.9 million bpd in 2008, resulting in a total production of 3.26 billion barrels for the whole year versus 3.11 billion barrels in 2007, according to the figures. The Kingdom pumps just under 8 million bpd in line with Opec agreements to remove 4.2 million bpd from the oil market. In the report, Aramco revealed its recoverable crude oil and condensate reserves were unchanged at 259.9 billion barrels in 2008. The company's domestic refineries in Riyadh, Ras Tanura, Yanbu and Jeddah alone have a combined capacity of nearly 1 million barrels a day, the review said. The rest of the refining capacity comes from the company's two domestic joint-venture refineries, with ExxonMobil in Yanbu and Shell in Jubail, and the company's share of the Rabigh Refinery, transferred in 2008 from Saudi Aramco to the Petro Rabigh joint venture. Aramco included in its 2008 review a discovery of Niyashin, a new oilfield and two other gas fields, Arabiyah and Rabib. Crude exports rose to 2.5 billion barrels in 2008 from 2.407 billion in 2007, the review said. Asia accounted for 52.7 percent of the company's oil exports last year, the US for 20 percent and Europe 5.2 percent. In 2007, Asia's percentage was 52.1 percent, the US 20.5 percent and Europe 5.2 percent. Saudi Arabia renewed its commitment to boost its oil production capacity to 12 million bpd this year to meet future supply needs. Aramco, which manages the world's largest proven reserves of conventional crude oil - 259.9 billion barrels as of Jan. 1, 2009 - also said the Far East was the main importer of its crude, buying about 52.7 percent of its exports. The United States ranked second, importing 20 percent of Saudi Arabia's crude, the review showed. Despite being marked by turbulence in the global economy and volatility in the energy sector, “the past year was notable for the solid progress made on our historic program to expand our maximum sustainable crude oil production capacity to 12 million barrels per day,” Aramco's President and Chief Executive Khalid Al-Falih said in the review. The Kingdom's Khurais development, “the largest integrated oil project in company history - and the largest in the history of the industry - is on track for completion of the producing facility in summer 2009”, the review noted. The development will add 1.2 million barrels a day of Arabian Light crude oil production capacity, it added. Another major project, the development of the Manifa field, is also underway, with 60 percent of construction on its causeway and drilling islands already completed. “When complete, the Manifa project will add 900,000 barrels a day of Arabian Heavy crude oil production capacity,” the review said. “Assessment of project timing and economics is ongoing, and a decision on project optimization will be made in the first quarter of 2009,” it added. __
