Saudi Aramco has announced it will invest $300 billion in the oil and gas sector over the next decade to maintain oil and gas supplies, according to the company’s CEO.
The company hopes that this proactive decision will reinforce its preeminent position in oil, as it looks to expant its conventional gas production.
Saudi Aramco CEO, Amin Nasser further explained that oil and gas will still play a significant role in the future, noting that global energy needs are about 280 million barrels of oil equivalent.
“We will continue to invest in our core oil and gas projects, and in downstream and chemicals. We are continuing to maintain our spare production capacity to help respond to unforeseen events, and help minimize their potential impact on the global economy. By doing so, we are playing our part in enhancing global energy security,” Nasser said.
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