Saudi Aramco To Invest $300 Billion In Upstream Projects

14 Nov 2017   Saudi Arabia

Saudi Aramco plans to invest some US$300 billion in upstream oil and gas projects over the next ten years, Aramco’s chief executive Amin Nasser said at the ADIPEC energy conference in Abu Dhabi on Monday. “This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom,” Reuters quoted Nasser as saying. As early as in July this year, Nasser said in a speech at the World Petroleum Congress in Istanbul that Saudi Aramco was committed to making long-term investments in oil and gas, because new discoveries are very low and the oil price downturn had wiped out US$1 trillion in investments. “We plan to invest more than $300 billion over the coming decade to reinforce our preeminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources,” Nasser said […]

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