Saudi Aramco to Ramp Up Crude, Gas Production Capacity

Saudi Aramco will ramp up crude and gas production over the next few years, as part of a strategy to boost its upstream business and help achieve energy security.

The Saudi state-run oil giant aims to raise crude oil maximum sustainable capacity to 13 million barrels per day (mmbpd) by 2027 and "potentially" increase gas production by more than 50% by 2030, it said in a statement on Sunday.

Aramco also plans to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions, as it looks to tap into rising demand for more affordable and sustainable energy.

"Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy," said Amin Nasser, President and CEO of Aramco.

"We recognize that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity," he added.

The oil company's full-year 2021 net income more than doubled to US$110 billion from US$49 billion in 2020. The income growth was driven by higher crude oil prices and stronger refining and chemicals margins.

Aramco declared a dividend of US$18.8 billion for the fourth quarter in 2021, to be paid in the first quarter of 2022.