Saudi Aramco to spend $334bn in next 10 years
01 November 2016
Saudi Arabia’s oil giant Aramco plans to invest a total of about $334 billion by 2025, including spending on infrastructure and projects to maintain oil capacity.
Abdulaziz Al Abdulkarim, vice president for procurement and supply chain management, told a conference in Bahrain that the figure included spending on exploring for and developing unconventional resources, such as shale gas.
“Saudi Aramco is forecast to spend around $334 billion. This will be spent on material and services to support service facilities, infrastructure projects, drilling and maintain (oil) potential projects, unconventional resources both in the exploration phase and development and several other projects,” he told the conference.
“That is the 10-year investment. It’s everything. You talk about pipelines, you talk about bulk plants, you talk about power plants, there is a lot of investment, of course upstream facilities whether it’s oil or gas,” he later told reporters.
Saudi Aramco outlined a plan known as In-Kingdom Total Value Add (IKTVA) last year, when CEO Amin Nasser said the company would spend more than $300 billion over the next 10 years, of which 70 per cent would be local content. One of IKTVA’s goals is to double the percentage of locally produced energy-related goods and services to 70 per cent of the total spent by 2021.
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