Aramco˙s operating plan approved for 2007
Posted: 18 December 2006
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The Executive Committee of the Board of Directors met Dec. 6, approving an aggressive 2007 Operating Plan that, among other things, includes a beefed-up safety emphasis aiming at zero accidents and injuries.
President and chief executive officer Abdallah S. Jum'ah chaired the meeting, and the main agenda item was the 2007 Operating Plan.
In a conference call to company management, senior vice president of Exploration and Producing Abd Allah S. Al-Saif described the plan as "maximizing the company's contribution to the Kingdom's revenues while focusing on the effective management of an unparalleled workload in a challenging business environment, while safeguarding our people, our assets and the environment."
The plan includes record drilling requirements, continued high production and development of new increments. "We are executing the largest capital program in the company's history," Al-Saif said, "and we must rely upon our own skills, on technology, on innovation and on a fully prepared and resilient workforce to achieve our corporate goals and objectives."
Safety is a major theme of the plan. Improvements in processes, contained in the Safety Management System, will bring the company into a safety leadership position. Management at all levels is expected to take on safety leadership as a key role and responsibility. "Embedding safety practices into our day-to-day operations requires all employees to manage their own behavior and devote constant attention to maintaining a safe environment for themselves and others," Al-Saif said.
Other committee business included a report on the proposed industrial park for industry connected with the Rabigh Petrochemical Development Project (PETRORabigh), the joint venture being executed by Saudi Aramco and Sumitomo Chemical. There was also a status report on the proposed Fujian Project, a joint venture under discussion with China and ExxonMobil Corp., for the upgrade of an existing refinery in Fujian , China , and the establishment of associated petrochemical facilities.
An information report on the status of the proposed Motiva Port Arthur Refinery Expansion Project was also presented.
"All matters considered and presented to the Committees for approval were approved as presented," Al-Saif said. "The Board of Directors continues to emphasize the importance of carefully managing and rationalizing the efforts of the whole workforce to achieve the company's aggressive goals and objectives, programs and plans, with constrained resources in a highly competitive market and business environment.
"These conditions and circumstances will make the coming year a very challenging one for us all. Working together, we will continue to manage and overcome all obstacles we face in accomplishing our business and operating plans, and within our approved budgets," he said. |
