Saudi Aramco has just published its Annual Review for 2014, the last in which Oil Minister Ali Naimi will grace its pages as Chairman of the Board. Based on the numbers, last year’s achievements are impressive, especially if the turmoil in oil markets is taken into consideration. Eight oil and gas discoveries pushed total recoverable oil and gas reserves to new records, cementing the company’s position as the world’s largest in terms of reserves.
The numbers are impressive and while the state-owned oil giant has pledged to become the world’s leading integrated energy and chemicals company in 2020, the grandiose ambition might shift even before the next edition is out as a result of the restructuring of the kingdom’s oil sector, still incomplete following a series of reshuffles at ministerial and corporate level. (CONTINUED - 2017 WORDS)