Oil & Gas News | Aramco increased production

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Saudi Aramco announced an increase in capital spending from $31.9 billion in 2021 to $40 billion to $50 billion in 2022 

to boost production to meet growing global demand.

In reporting its 2021 financial results, Aramco announced that it will continue to increase its maximum sustainable crude 

oil production capacity to 13 million barrels per day in 2027 and increase natural gas production by more than 50% in 2030. 

The company plans to expand its liquid chemicals capacity to 4 million barrels per day. Saudi Aramco also intends to develop 

significant hydrogen export capabilities and become a global leader in carbon capture and storage (CCS).

Additionally, the company aims to invest in renewable energy and nature-based solutions to meet its goal of achieving net-zero 

Scope 1 and Scope 2 greenhouse gas emissions from wholly owned operating assets by 2050. These include an upstream target 

of near-zero methane emissions by 2030.

Aramco's net profit will rise 124% to $110 billion in 2021 from $49 billion in 2020. The company said the increase in net profit 

reflected higher crude oil prices, higher refining and chemical margins and the consolidation of SABIC's full-year results. Saudi 

Aramco announced a fourth-quarter dividend of $18.8 billion to be paid in the first quarter of 2022.

Saudi Aramco's capital expenditures for 2021 were $31.9 billion, up 18% from 2020, driven primarily by higher crude oil 

production, increased activity related to the Tanajib gas plant and drilling program development. The company believes that a 

significant amount of new investment is needed to meet demand growth amid a general decline in upstream investment in the 

global oil and gas industry.

In 2021, Saudi Aramco's average hydrocarbon production is 12.3 million barrels of oil equivalent per day, including 9.2 million 

barrels of crude oil per day.

In recent weeks, Saudi Arabia has come under pressure from Western governments to boost output to end its reliance on Russian 

oil and gas. To that end, British Prime Minister Boris Johnson visited Saudi Arabia in mid-March. Oil prices surged to their highest 

levels since 2008 after Russia invaded Ukraine, but have since retreated to around $107 a barrel.