The Saudi Arabian Oil Company (ARAMCO) has committed to expanding oil and gas production alongside low-carbon technologies after posting record net income of $161.1bn in 2022, its highest annual profits as a listed company.
Amin H. Nasser, President & CEO, said it aims to grow its gas production by more than 50% by 2030, through conventional and unconventional projects coming on stream to 2025, and enabling a blue hydrogen value chain. It aims to produce 11 mmtpa of blue ammonia by 2030, and capture 11 mmt CO2e annually by 2035.
He said, “Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions – in our own operations and for end users of our products. Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real – including contributing to higher energy prices. Gas investments have the potential to build a hydrogen value chain, and enable future export of blue ammonia.”
Aramco has embarked on the largest capital spending programme in its history, and last year CAPEX rose by 18% to $37.6bn.
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