Last week Saudi Aramco — the national oil company of Saudi Arabia and the world’s largest oil company — lifted a veil of secrecy around the company’s operations. For the first time in decades, operational details for Saudi Aramco were revealed in a bond offering. (A PDF link of the prospectus is here ). The immediate takeaway — which I covered in the previous article — was that the reported breakeven costs for Saudi Aramco were higher than the numbers that are frequently reported. However, other news stories have focused on an apparent bombshell around production at the Saudi Ghawar oilfield, which is the world’s largest conventional onshore oil field. Conventional wisdom held that Ghawar has been producing 5 million barrels per day (BPD) of crude oil for decades. The prospectus notes that Ghawar has produced more than half of the Kingdom’s cumulative oil production to date, but it […]