Saudi Aramco CEO Amin Nasser, speaking at the Energy Intelligence Forum, said that demand for oil is rising amid tighter natural gas supplies globally, as well as a fall in surplus oil inventories.
Riyadh, October 5 - Neftegaz.RU. Saudi Aramco
CEO Amin Nasser said his company is working on increasing its crude production capacity to 13 million barrels
per day from 12 million by 2027.
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
The executive also talked of the importance of the energy transition
- 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.