Saudi Aramco chief executive Amin Nasser said the state oil giant was working on building its oil and gas production capacity to meet future demand growth.
“What we are doing at Saudi Aramco is building our capacity in oil, we are the most reliable oil producer, we have a maximum sustained capacity of 12mn barrels per day (bpd). The kingdom has a capacity of 12.5mn bpd,” Nasser said this week.
He did not say there were immediate plans to expand Aramco’s oil production capacity beyond the current 12mn bpd‎.
“We are expanding our gas portfolio, where we will be doubling our gas production over the next decade,” he said, speaking at the World Economic Forum in Davos, Switzerland.
Nasser says the world will need to invest $25tn in new oil capacity over the next 25 years to meet demand.
“While we are building our capacity in oil, we also invest in renewable energy,” he said, adding that Saudi Arabia plans to invest up to $50bn in renewables by 2023.
