- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Aramco CEO: Saudi Arabia to raise oil production capacity to 13 million barrels per day
Mohamad Salem – 9 September 2020
Amin Al-Nasser, the CEO of Saudi Aramco said that the giant company is working to increase its oil production capacity by one million barrels per day to reach 13 million barrels per day, despite spending cuts in the years 2020 and 2021.
According to Reuters, Aramco’s capital spending plan for 2021 will be much less than the previous indicative range which ranged between $ 40 billion and $ 45 billion.
Al-Nasser said, “We are continuing to increase our maximum sustainable capacity from 12 to 13 million barrels per day. This will not have a significant impact on capital in 2021.”
He stressed that Aramco’s target for the ratio between the company’s debt and its market value is still between 5% and 15%.
Aramco had announced its results for the first half of 2020, and they reflect the company’s financial and operational flexibility and its commitment to shareholders, despite the market challenges caused by the emerging coronavirus (Covid-19) pandemic.
Engineer Amin Al-Nasser said in a press release that the company achieved profits thanks to financial and operational strength, low production costs, unique business scope, and human resource efficiency, which helped implement the company’s plans and maintain the distribution of dividends.
Al-Nasser added, “We will continue our long-term strategy for growth and diversification adopted by the company, with the aim of achieving new additional value from each of the hydrocarbon molecules that we produce, which will contribute to enhancing global trade prospects and improving living standards.”
