Saudi Aramco back to 12 mln bpd capacity ahead of schedule: CEO

State oil giant Saudi Aramco is on track to regain its maximum sustained capacity (MSC) of 12 million barrels per day (bpd) ahead of the November target, according to its chief executive Amin Nasser.

“Thanks to the tireless efforts of our people, their creativity, and the high degree to which our supply and service chains have been localized in recent years, the most urgent work essential to production restoration was prioritized,” Nasser said at the 2019 Oil & Money Conference in London.

“We are also on track to regain our MSC of 12 million bpd by the end of November, as we announced, which too might come earlier than the target,” he further added.

Additionally, Nasser also discussed the need to have a more realistic, comprehensive and inclusive strategy to make Greenhouse Gas (GHG) emissions management more effective.

He highlighted that both existing and new energy sources will be needed to satisfy the planet’s needs for energy and economic development, while concurrently promoting climate protection.

“Without a doubt, oil and gas will be here for many decades to come. But there can also be no question that climate change is among the most significant challenges facing humanity,” Nasser added.

He also shared Saudi Aramco’s achievement in carbon intensity which is among the lowest globally at 10 kilograms of CO2 equivalent per barrel of oil equivalent, as well as the company’s methane gas intensity of 0.06 percent, one of the lowest levels in the industry.

Nasser highlighted some of Saudi Aramco’s other achievements in this area, including higher-mileage and lower-carbon integrated engine-fuel systems; carbon-free hydrogen fuel; and Carbon Capture, Utilization & Storage (CCUS).

“Our industry recognizes the need to deliver on environmental demands, and is making urgent efforts to further reduce carbon emissions associated with oil and gas, and has made that objective one of our industry’s top priorities,” he concluded.