Saudi Aramco’s work to boost its crude oil production capacity by 1mn b/d is progressing amid growing concerns of a global supply crunch. “Aramco is doing its share in terms of putting in the right investment, but Aramco alone is not enough,” CEO Amin Nasser told the International Petroleum Technology Conference (IPTC) in Riyadh on 21 February.
Aramco is investing heavily to increase its crude production capacity from 12mn b/d to 13mn b/d by 2027 (MEES, 8 October 2021), while in neighboring Abu Dhabi Adnoc plans to add another 1mn b/d by 2030. Whether a sufficient number of other producers will heed Mr Nasser’s call for increased investment is another matter. (CONTINUED - 916 WORDS)