(MENAFN) Saudi Aramco announced it is planning to invest USD40 billion annually for the next decade in order to keep oil production capacity steady and double gas production, Arab News reported.
The company said that these investments, which will enable them to add approximately 40 million barrels per day to their capacity in the next two decades, are necessary so it could meet the forecasted demand growth for oil.
Aramco also said that it sees more capital going into offshore projects and expects that the rising costs in the oil sector to support oil prices in the future.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.