Saudi Aramco ramps up oil and gas spending after doubling profits to $110bn
The world’s largest oil producer is set to ramp up its spending power to meet oil and gas demand, after surging global prices allowed the oil giant to double its profit.
Saudi Aramco announced yesterday that it would hike its investment by around 50 per cent this year, to between $40bn and $50bn (£30bn, £38bn).
Saudi Arabia’s state oil company hailed a $110bn net profit in 2021, up $49bn from a year before.
It comes as the UK battles with record petrol prices and soaring costs of energy, which onlookers say requires political intervention.
Aramco chief executive Amin Nasser said: “We recognise energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion programme and increasing our liquids to chemicals capacity.”
The plan includes increasing crude oil maximum capacity to 13m barrels a day by 2027, up from an average of 12.3m barrels last year.
It also wants to raise its gas production by more than 50 per cent by 2030.