The oil giant continues to expect high global demand for oil.
Saudi Aramco said the natural gas crisis was already boosting oil demand and reiterated plans to increase its production capacity.
Amin Nasser commented:
- It will not happen overnight
- It takes years, 2-3 years between front-end engineering and then construction will take also another 3-4 years
- We are doing our share in terms of building (capacity) even though we have adequate spare capacity today
- We are bringing additional supplies to the market while we’re working on reducing our emissions at the same time
- We are doing our best to reduce CO2 emissions but the market needs to develop 1st
- We are focusing on CCUS, conversion of CO2 to other products, hydrogen
Though the world’s largest oil company has not disclosed the cost of the project, it will likely require billions of dollars and signals Aramco’s confidence in demand remaining strong over the next decade at least.
Saudi Aramco benefitted from its strategy to optimize its portfolio, announcing billion dollar deals in recent months.
