Dubai: Saudi Aramco has announced plans to invest $40bn a year for the next ten years to maintain oil production and double gas output in Saudi Arabia
Al Falih, chief executive of Saudi Aramco, said at a conference in Norway yesterday, ”To meet forecast demand growth and offset global output decline, our industry will need to add close to 40m bpd of new capacity in the next two decades. Although our investments will span the value chain, the bulk will be in upstream and offshore with the aim of maintaining our maximum sustained oil production capacity at 12mn bpd, while doubling our gas production as well.” [26/08/14]
