Saudi Aramco is planning to invest more than $300bn into its business operations over the next decade, in order to maintain its spare oil production capacity and undertake exploration programme to increase the supply of gas.

The company is looking to ramp up its oil production and strengthen its standing in the sector through the investment.

It also intends to utilise the latest technology in order to meet its commitment to the Paris Climate Agreement.

Speaking at the World Petroleum Congress in Istanbul, Saudi Aramco president and CEO Amin Nasser said: “We have collaborated with many oil and gas companies to promote low-emission solutions, to include our commitment to the Oil and Gas Climate Initiative’s $1bn investment fund to develop and rapidly deploy those technologies.”

Nasser also stated that in the wake of increasing global demand for energy, oil will continue to be the mainstay of the energy sector.

"We aim to double our natural gas production to 23 billion standard cubic feet per day (scf/d) over the coming decade."

He further noted that declining investment in the oil industry has the potential to cause problems for global energy requirements, with around $1tn already have been withdrawn during the sector's current crisis.

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Nasser added: “There’s a growing belief that the world can prematurely disengage from proven, reliable energy sources like oil and gas, on the assumption that alternatives will rapidly deploy.”  

“We aim to double our natural gas production to 23 billion standard cubic feet per day (scf/d) over the coming decade, and raise the share of gas in the Kingdom’s utilities to about 70%, the highest of any G20 nation.”

Saudi Aramco is said to have produced 10.5 million bpd of oil last year.

Image: Saudi Aramco president and CEO Amin Nasser. Photo: courtesy of Saudi Aramco Oil Co.