‎Saudi Aramco discloses its growth strategy for upstream business

‎Saudi Aramco discloses its growth strategy for upstream business

Saudi Arabian Oil Co. (Saudi Aramco) disclosed today, March 20, its strategy to expand the upstream business, which included increasing the sustainable maximum production capacity to 13 million barrels per day (bpd) by 2027, and the possibility of increasing gas production by more than 50% by 2030.

In a statement, the company said that in 2021 its hydrocarbon production averaged 12.3 million barrels of oil equivalent per day (boe/d), of which 9.2 million bpd were crude oil.

In its downstream business, Aramco plans to expand the conversion capacity of up to 4 million bpd of liquids into chemicals to create additional and sustainable value from an oil barrel, and also eyes developing its hydrogen production and export capabilities and become a global leader in carbon storage.

The firm aims to invest in renewable energy and green natural solutions, as it pursues its ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050.

This will also include near-zero methane emissions in upstream segment by 2030.

With regard to capital expenditures in 2021, it noted that it reached SAR 119.6 billion ($31.9 billion), an increase of 18% over 2020, due to the growth of activities related to crude