Oil & Gas

The oil & gas sector has been a cornerstone of Saudi Arabia’s economic and industrial development throughout its modern history. Oil & gas revenue has fueled Saudi Arabia’s Vision 2030 diversification and development plans and remain important to the country’s growth and ties to the U.S. oil & gas sector. The U.S.-Saudi Business Council, since its founding, has assisted Aramco and major U.S. energy companies in finding U.S. and Saudi partners, including companies that are today involved in revolutionizing the oil & gas sector through net-zero initiatives and strategic investments in clean energy.

Sargent & Lundy's experience working with our colleagues at the U.S.-Saudi Business Council was excellent from start to finish... The structured setup of the meetings enabled Sargent & Lundy to meet the correct client and industry contacts in a targeted and efficient manner, which is now bearing fruit. Thank you to Ana and the U.S.-Saudi Business Council.

“The U.S.-Saudi Business Council has and continues to provide important services to Saudi Aramco by providing many opportunities to expand the capabilities of local service providers through introducing new partnership opportunities between U.S. manufacturers and service providers and their Saudi counterparts.”

“Our business experience with the USSBC is that it plays a vital role in bringing together business leaders and key decision makers. The dynamic management of the USSBC performs their jobs with a vision and objective to serve all parties involved and in all respects equally and professionally.”

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Overview

Saudi Arabia holds 17 percent of the world’s proven reserves of petroleum – the second largest globally – and ranks as one of the largest exporters. Revenue from these reserves has fueled Saudi Arabia’s diversification and development goals under its Vision 2030 plan and will continue to play a key economic and industrial role in the country’s rapid growth. Aramco, one of the largest integrated energy and chemical companies in the world, is alone responsible for 11.5 million barrels per day (mmbpd) crude oil production in 2022 yet has committed to achieving net-zero emissions by 2050 as it invests in cleaner industrial processes, carbon capture, utilization, and storage (CCUS), clean hydrogen, and the renewables market. In 2023, Aramco announced a capital expenditure goal of $45-$55 billion for the fiscal year to increase oil production to 13 (mmbpd) (crude oil) by 2027.

Aramco remains focused on expanding its upstream segment through investments in exploration, crude oil, condensate, and natural gas. Its primary oilfields include the world’s largest conventional onshore oil field (Ghawar) and largest conventional offshore field (Safaniah), which feed into its Abqaiq facility, the world’s largest oil processing facility and crude oil stabilization plant. Aramco’s integrated downstream business consists of refining, petrochemical manufacturing, supply and trading, distribution and generation, and other related activities such as base oils, lubricants, aromatics, olefins, and polyolefins.

Saudi Arabia has proven natural gas reserves of 333 trillion cubic feet (tcf) and ranks fourth in the world behind China, the U.S., and Russia, according to the Energy Information Administration (EIA). According to the EIA, Saudi Arabia’s production of non-associated gas has grown from 13 percent in 2010 to 46 percent of total gas production in 2020. The Kingdom’s sizable proven natural gas reserves can support a globally competitive chemicals industry for the foreseeable future. IEA projects an additional 56 billion cubic 14 www.ussaudi.org meters of natural gas will be consumed by 2030 at which point Saudi Arabia aims to be a natural gas exporter.