BAKU, Azerbaijan, March 6. Aramco has reported an average daily hydrocarbon production of 12.4 million barrels of oil equivalent per day (mmboed) in 2024, down from 12.8 mmboed in 2023, Trend reports.
The company continues to manage Saudi Arabia’s hydrocarbon resources under the Hydrocarbons Law, optimizing production while maintaining long-term sustainability.
As of December 31, 2024, Aramco’s total reserves under its Concession agreement stood at 250 billion barrels of oil equivalent (boe), slightly down from 251.2 billion boe in 2023. The Saudi government has directed Aramco to maintain a maximum sustainable capacity (MSC) of 12.0 million barrels per day (mmbpd), ensuring flexibility in production.
Upstream costs increased, with lifting costs rising to $3.53 per boe (from $3.19 in 2023) and capital expenditures reaching $8.3 per boe (compared to $6.3 in 2023). Despite this, Aramco maintains a competitive advantage due to its efficient operations and favorable geological conditions.
Looking ahead, Aramco aims to expand its gas production capacity by over 60% by 2030, supporting domestic demand and reducing liquid fuel consumption in utilities. The company is also pursuing investments in liquefied natural gas (LNG) to tap into global demand growth. In 2025, Aramco will continue its upstream investments to maintain MSC and advance its gas business strategy.
