Aramco Set to Invest $300 billion over 10 years in Oil and Gas Projects

While speaking at the ADIPEC Energy Conference in Abu Dhabi, Aramco CEO, Amin Nasser, declared Saudi Aramco’s plans to invest $300 billion over 10 years in upstream oil and gas projects, Reuters reports.

Preceding Nasser’s comments, Saudi Aramco announced on November 9 that it had signed eight agreements worth $4.5 billion with a number of oil and gas service contractors to support, “oil and gas megaprojects designed to enhance the company’s energy sustainability, diversify the economy, expand gas production, and localize domestic content.”

The signed contracts focus on the Haradh, Hawiyah and Safaniyeh fields.

At the signing ceremony Saudi President and CEO, Amin Nasser commented, ” “Investments like these help secure Saudi Aramco’s preeminent position as a reliable supplier of energy domestically and to the world. They also reflect our concerted effort, as stated in Saudi Vision 2030, to diversify our economy, promote local manufacturing, support a sustainable environment, and strengthen our business and investment climate with the domestic private sector through fruitful international partnerships.”