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Saudi Aramco plans to invest upwards of $40bn annually over the next decade with a large chunk dedicated to an enhanced drilling program.
Presenting the company’s current and future plans, Aramco CEO Khalid al-Falih reiterated that oil production capacity would be maintained at 12mn b/d while gas output is set to double.
Mr Falih’s remarks at a conference in Stavanger, Norway, on 25 August would suggest that the state-run company is, at least for now, sticking to its long-drafted script that does not include plans to raise output capacity further.
What Mr Falih did not explain was how the kingdom intends to maintain crude exports, which recently fell below 7mn b/d, while satisfying domestic energy demand, which remains stubbornly high, without raising oil production capacity. The kingdom’s overall output capacity, including its share of the Neutral Zone, is 12.5mn bd.
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