• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 3 hours Will Uncle Sam Step Up and Cut Production
  • 44 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 8 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 19 mins Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 8 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 4 mins * 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on terrorism, wars, lopping off heads * Too late now
  • 9 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 3 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 14 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 22 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 21 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours US Petroleum Demand Strongest Since 2007
Low Solar Panel Prices Spark Surge In Adoption

Low Solar Panel Prices Spark Surge In Adoption

Solar energy is experiencing a…

Saudi Aramco To Invest $300 Billion In Upstream Projects

Aramco

Saudi Aramco plans to invest some US$300 billion in upstream oil and gas projects over the next ten years, Aramco’s chief executive Amin Nasser said at the ADIPEC energy conference in Abu Dhabi on Monday.

“This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom,” Reuters quoted Nasser as saying.

As early as in July this year, Nasser said in a speech at the World Petroleum Congress in Istanbul that Saudi Aramco was committed to making long-term investments in oil and gas, because new discoveries are very low and the oil price downturn had wiped out US$1 trillion in investments.

“We plan to invest more than $300 billion over the coming decade to reinforce our preeminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources,” Nasser said in July.

Last week, Aramco signed US$4.5 billion worth of total contracts with international companies to boost its gas production and processing capacity, as well as crude oil and gas related facilities for two offshore fields, Zuluf and Safaniyah.

While Aramco is announcing billions of investments in upstream oil and gas developments, the world is looking at how the recent government purge is influencing domestic and international Saudi policies, and investors and fund managers are gauging how this move could affect the interest in Aramco’s IPO.

Related: Is Peak Permian Only 3 Years Away?

Top Saudi officials, including Crown Prince Mohammad bin Salman and Nasser himself, have been ardently affirming for a few weeks that Aramco’s IPO “is on track” for the second half of 2018, as planned.  

Most recently, Nasser said on Sunday that preparations for the listing of 5 percent of the Saudi oil giant were proceeding for the IPO next year, although the venue for the international float has not been picked yet. The Saudis are currently studying New York, London, Tokyo, and Hong Kong, according to Nasser.

By Tsvetana Paraskova for Oilprice.com  

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play