Saudi Aramco is following through on its pledge to increase upstream investments this year as it restarts work on projects that were put on ice during last year’s oil price meltdown. Project timeframes continue to be stretched, but the renewed activity from the region’s largest oil producer is a welcome relief for oil field services firms which are looking to Aramco and other Middle East NOCs as a key source of revenue in a still-constrained global operating environment (MEES, 30 April).
CEO Amin Nasser stated in March that the bulk of Saudi Aramco’s planned capex increases this year will be focused on its upstream operations. MEES calculates that the firm intends to bring upstream capex up from $19.6bn in 2020 to around $25.6bn this year (MEES, 26 March). (CONTINUED - 919 WORDS)
