PHOTO
Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image used for illustrative purpose.
Saudi Aramco has earmarked 60 percent of its capital expenditure (capex) between 2024 and 2028 for developing its upstream operations.
Nearly 30 percent of the capex will be allocated to the downstream development initiatives, with 10 percent targeting the exploration and development of new energy sources, the world’s largest oil producer said in its latest investors presentation.
Earlier in its financial statement for 2023, Aramco said: “The directive to maintain Maximum Sustainable Capacity at 12 million barrels per day, mainly from the deferral of projects not yet commissioned and reductions in infill drilling, is expected to reduce capital investment by approximately $40 billion between 2024 and 2028.”
However, capex is forecast to be between $48 and $58 billion in 2024, growing until around the middle of the decade.
Capital investments reached $49.7 billion last year, a 28 percent increase from $38.8 billion in 2022, Aramco said.
(Writing by D Madhura; Editing by Anoop Menon)
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