Saudi Aramco, Saudi Arabian national petroleum and natural gas company, plans to invest $300 billion in oil production during next ten years, Amin H. Nasser, the president and chief executive officer of Saudi Aramco, said at the 22nd World Petroleum Congress (WPC).
According to him, the company will direct the investments not only to oil production, but also to increase of reserves, exploration of traditional and non-traditional natural gas reserves.
He noted that Saudi Aramco will increase the daily gas production to $650 million: “This will allow us to get 70% of energy in the country from energy. This will be a maximum indicator among G20 countries”.
He stressed that oil industry will play main role in energy field for a long period: “Because transition to the alternative fuel sources will take a long period and difficulties”.
Saudi Aramco was established in 1933.