Aramco’s investment in upstream has been both significant and counter cyclical as it believes global energy demand will increase over the mid- to long-term, Chairman Yasir Al-Rumayyan said in the company’s annual report for 2023.

“Our view remains unchanged. At the same time, we recognise that as the world undergoes an energy transition, the future will favour those energy producers who provide the most sustainable solutions,” he added.

Aramco’s upstream segment will continue investing in future growth projects, including crude increments to maintain maximum sustainable capacity at 12.0 million barrels per day (bpd) and growing gas production consistent with the goal of a greater than 60 percent increase over 2021 production levels by 2030, the report said.

The oil giant gave an update on its mega projects, which have been compiled by Zawya Projects.

Aramco’s key ongoing projects

Progress continues with construction and engineering activities on the Marjan and Berri crude oil increments, which are expected to be onstream by 2025. This will add crude oil production capacity of 300 million bpd and 250 million bpd, respectively.

Construction activities are continuing on the Dammam development project, which is expected to add crude oil production of 25 million bpd in 2024 and 50 million bpd in 2027.

Progress is ongoing with the Zuluf crude oil increment, which is expected to process 600 million bpd of crude oil from the Zuluf field through a central facility by 2026.

Design and construction activities continued on the Jafurah Gas Plant, part of the Jafurah unconventional gas field, which is expected to commence production in 2025. The project is expected to gradually increase natural gas deliveries to reach a sustainable rate of 2.0 billion standard cubic feet per day (bscfd) by 2030.

Construction and procurement activities continued at the Tanajib Gas Plant, which is part of the Marjan development programme. The plant is expected to be onstream by 2025 and add 2.6 bscfd of additional processing capacity from the Marjan and Zuluf fields.

Hawiyah Unayzah Gas Reservoir Storage, the first underground natural gas storage in the Kingdom, achieved its maximum injection target of 1.5 bscfd. This program is anticipated to provide up to 2.0 bscfd of natural gas for reintroduction into the Master Gas System by 2024.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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