In July, Saudi Arabia’s national oil company Saudi Aramco announced contracts worth $18 billion to boost productive capacity of its Marjan and Berri offshore fields by 550,000 barrels a day of Arabian crude oil and 2.5 BSCF/D of natural gas. At the press event, Chief Executive Amin Nasser stated, “these two programs will significantly enhance Saudi Aramco’s oil production and gas processing capabilities, both strengthening our position as the leading integrated energy supplier and meeting growing long-term demand for petroleum.” He added that, “these investments will support our continued focus on employing best-in-class technologies, well completion, and reservoir management practices. It will enable Saudi Aramco to further reduce the carbon intensity of our crude oils, supporting our strategy of reducing emissions while providing energy to those who need it.”
This investment will help Saudi Arabia to continue its Maximum Sustained Capacity at around 12 million barrels a day, although it currently produces just less than 10m b/d in line with December’s OPEC — including Russia — agreement to limit output. Overall, OPEC’s April output stood at 30.031 million b/d, reported Reuters in May.