Saudi Arabia’s authorities invest generously in the petroleum industry as crude exports account for the bulk of fiscal revenues. The state-run company known as Saudi Arabian Oil Co. (Aramco), the world’s biggest oil exporter, is going to invest more than $300 billion in the next 10 years to maintain efficient oil production.
Speaking at the 22nd conference held by the World Oil Congress in Istanbul, President and Aramco CEO Amin Nasser said "We plan to invest more than $300 billion over the coming decade to reinforce our pre-eminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources." The gas & oil giant aims to extract 650 million cubic meters of gas per day. This volume will be enough to provide 70% of the energy required by the kingdom. Besides, the company is eager to maintain its oil production capacity of 12 million barrels per day.
Citing Amin Nasser, such production rates are the highest among the G20 economies. “The petroleum industry will be at the heart of global energy for years, and the transition to use of alternatives will be long and complex,” he noted.
