The Kingdom of Saudi Arabia (“KSA”) boasts the world’s largest proven reserves of oil and gas, comprising more than 280 Billion barrels of oil, based on current engineered estimates. It is the leading producing member of OPEC, and the largest exporter of crude oil to the developed world, with current production targeted just over eight million (8,000,000) barrels of oil per day. Total production capacity is now twelve and one-half million (12,500,000) barrels of oil per day. Known gas reserves are 249 trillion cubic feet, and gas demand is expected to reach 14.5 bcf/day in coming years, compared to 5.5 bcf presently. Despite recent turmoil in world markets, the Kingdom of Saudi Arabia (and Saudi Aramco) continues to invest in the future.
While market conditions certainly impact decision-making and the financial viability of projects, Saudi Aramco has maintained most investment plans related to production increases, particularly preparing for the future offshore. Investment is also focused on creating the infrastructure necessary for Saudi Arabia to remain competitive over the long-term, including clusters of petrochemical activity and the requisite production of natural gas to fuel growth. In this regard, Summit maintains a long-term contractual relationship with Saudi Aramco (“Aramco”), and our clients provide an extensive array of projects, products and services to Saudi Aramco. Summit also maintains relationships with reputable regional contractors and other sizable KSA organizations, namely, Ma’aden and SABIC.
Our Sales and Marketing staff assists companies with whom we work, targeting specific sales opportunities. Our understanding of local registration processes, prequalification requirements and in-Kingdom logistics is of value to enterprises seeking to enter this market. As a Saudi Aramco-approved supplier/contractor Summit maintains access to Saudi Aramco’s Electronic Contractor Network, a tool available to only approved in-Kingdom suppliers. Our Team understands the needs of regional NOC’s and local contractors, ultimately serving companies with whom we work well: long-term viable business for each is our goal.