State-owned oil giant Saudi Arabian Oil Co., known as Saudi Aramco, plans to invest $35 billion over the next five years in crude oil exploration and development in a bid to keep its oil production portfolio robust, the firm's chief executive said.
State-owned oil giant Saudi Arabian Oil Co., known as Saudi Aramco,
plans to invest $35 billion over the next five years in crude oil exploration
and development in a bid to keep its oil production portfolio robust, the
firm's chief executive said.
"We are continuing to strengthen our oil business to meet the rising call
on our oil production; in fact, we plan to invest $35 billion over the next
five years in crude oil exploration and development alone to keep our oil
production portfolio robust," Khalid al-Falih said in a speech posted on
Aramco's website.
"We are also planning to increase our conventional and unconventional gas
supplies by almost 250% over the coming couple of decades," he said.
Saudi Arabia
, the
world's largest oil exporter, plans to greatly increase gas production to meet
domestic energy demand and free up crude oil for export. However, the country
hasn't yet discovered non-associated natural gas in sufficient quantities to
replace oil as the fuel for its planned electricity plants and guarantee cheap
feedstock for new petrochemical factories.
Saudi Aramco is fully owned by the
Kingdom
of
Saudi
Arabia
. It is one of the largest oil and gas companies in
the world with activities in exploration, production, refining, distribution,
shipping and marketing.
Mr. al-Falih said that the Arab world's largest economy has many vast areas,
which have still not been adequately assessed, and will be aggressively
explored by Aramco.
The firm also hopes to diversify its energy portfolio and boost earnings from
downstream activities by growing and integrating chemicals with its world-scale
refining operations.
"If we succeed with our strategy we will be spending at least $500 million
each year on chemicals-related technology, and creating a very large company of
around 20-30,000 employees with well-paid jobs," Mr. al-Falih added.
Aramco has previously said it plans to increase its refining capacity to 8
million barrels per day from 4.02 million barrels per day in the next decade
through expansion both at home and abroad.
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