Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO said on Monday.
FILE PHOTO: Amin H. Nasser, president and CEO of Saudi Aramco, speaks during the International Carbon Capture, Utilization and Storage Conference 2020 in Riyadh, Saudi Arabia February 25, 2020. REUTERS/Ahmed Yosri
Aramco’s capital spending plan for 2021 will be “significantly lower than previous guidance,” CEO Amin Nasser also said on a call with analysts and investors after the company’s second quarter results, which were published on Sunday.“We are proceeding with increasing our MSC from 12 to 13 million barrels ... it should not have a major impact on capital in 2021,” Nasser said.
The company also said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.
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