London — Saudi Arabia slightly increased its crude oil and condensate reserves in 2017, as production fell from 2016 levels, state-owned Aramco said in its annual report released Friday.
Total crude oil and condensate reserves reached 260.9 billion barrels, Aramco said, up from the 260.8 billion barrels that were disclosed in 2016's report.
The company said it produced 10.2 million b/d of crude oil in 2017, compared to 10.5 million b/d in 2016, with Saudi Arabia leading OPEC in its production cuts that went into force January 2017.
As a result, crude exports averaged 6.7 million b/d in 2017, down about 1 million b/d from 2016 levels.
"The company will maintain its position as the world's leading crude oil producer by production volume by tempering production from mature fields, accelerating younger fields and secondary reservoirs, and developing fresh reserves from new increments, while diversifying operations to capture value from strategic integration and expand natural gas activities," Aramco said in its report.
Natural gas output rose to 8.7 Bcf/d in 2017 from 8.3 Bcf/d in 2016.
Aramco's net refinery capacity increased to 3.12 million b/d from 3.095 million b/d in 2016, as the company assumed full control of Motiva Enterprises' Port Arthur refinery in Texas.
The report, which did not detail any of Aramco's financials, provides a glimpse into the operations of the world's largest oil company as speculation over its future continues to swirl.
Saudi Arabia has long mooted a public listing of the company in a move that could value Aramco at $2 trillion, to help finance structural economic reforms in the kingdom that would reduce its reliance on oil revenues.
But the share flotation has been delayed several times over financial disclosure and exchange listing requirements, as well as internal disagreements about how to proceed, with reports that the Saudi government is seeking alternative ways to raise money from the company.
More recently, Aramco has said it is in discussions to acquire a major stake in Saudi petrochemicals company Sabic from the kingdom's Public Investment Fund, which would further expand its downstream segment but further delay any plans for an initial public offering.
