“Aramco is heavily investing in a trio of oil megaprojects at Zuluf, Marjan and Berri, along with infill drilling at its legacy fields to slow production declines. To increase capacity to 13 million b/d, other expansion projects such as Safaniyah and Manifa as well as the commercialisation of new discoveries are more than required. But costs have substantially increased since the pandemic and it makes less sense now for Aramco to go after projects that are getting more expensive when it doesn’t see opportunities to significantly increase production while prices are under pressure.”
Alexandre Araman, principal analyst, Upstream for Wood Mackenzie, Saudi Aramco’s shift to abandon its 13 million b/d capacity target likely to be absorbed by the market [Hellenic Shipping News]