Saudi Aramco to Invest 400 Billion Dollar to Ramp up Oil Production

Oil Demand Continues Growth Saudi Aramco to Invest 400 Billion Dollar to Ramp up Oil Production

27.08.2014Editor: Dominik Stephan

Saudi Aramco is confident that despite shale gas and renewable energy, the demand for oil will continue to soar. The Saudi public company therefore plans to invest billions in the production of both crude and gas.

Related Companies

Saudi Aramco

Saudi Aramco Public Relations Department R-2212 East Administration Building

Pörner Ingenieurgesellschaft mbH

Maag Pump Systems AG

EPC Group

Aramco plans to invest 40 billion dollar in its oil and gas production.
(Picture: Open Source)

Riadh/Saui Arabia – According to reports of broadcasting company n-TV, Aramco has put aside around US $ 40 billion per year to keep the oil output at the current level over a ten years period. The gas output shall, nevertheless, be doubled, the station quotes Aramco’s CEO Khalid Al-Falih. At the moment, the company can produce up to 12.5 million barrels per day with costs of around three dollar per barrel (1 barrel=159 liter). In 2013, Aramco produced an average of 8.2 million barrels per day.

To keep up with the growing demand, the industry will have to invest into new production capacities, insiders believe. Saudi Aramco, a public company in Saudi Arabia, manages around one fifth (260 million barrels) of the proven oil reserves of the world and is the number one contributing factor to the kingdom’s national finances.

Despite crises in the Iraq, Syria, North Africa or the Ukraine, an oil shortage is currently unlikely, industry experts state. Most states have filled their depots, resulting in low demand and prices of around US $ 102-103 per barrel Brent (compared to 115 in July 2014).

Unfold for details of your consent

Stand vom 23.03.2021

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planckstr. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://support.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.

(ID:42917261)

Oil Demand Continues Growth Saudi Aramco to Invest 400 Billion Dollar to Ramp up Oil Production

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Consent to the use of data for promotional purposes