RIYADH: The Saudi Arabian Oil Co., also known as Aramco, will add significant output capacity beginning from 2025, to reach 13 million barrels per day, as the world’s spare oil capacity gets thinner, according to its CEO Amin Nasser.
In a press conference after reporting a record rise in second-quarter profit on Sunday, Nasser said that the rise in output will be limited in 2024, but this will be followed by huge output hikes beginning from 2025.
“We are progressing very well in our increase of capacity from 12 to 13 million barrels per day. This is going to come gradually in 2024 which will be a limited increase. But in 2025, we should go to 12.3 bpd. In 2026, we should go to 12.7 before reaching 13 million barrels per day by 2027,” Nasser responded to an Arab News query.
Aramco's maximum sustainable production capacity came into light recently as the Kingdom's Crown Prince Mohammed bin Salman made it clear in his address during the regional summit this month that was attended by US President Joe Biden that the 13 million bpd level will be the highest the country can reach.
Nasser, who heads the world's most profitable oil business, explained the incremental breakdown of the one million bpd the company will add by 2027.
The main three increments are coming from Berri, Marjan, and Zuluf, he said, adding that the Dammam field will add a small increment of 75,000 bpd.
Marjan will add 300,000 bpd, while Berri is adding another 250,000 bpd.
Zuluf, with its heavy crude, is contributing another 600,000 bpd, he added.
Safaniya, the world's largest offshore oil field, is another huge increment that it's coming up after 2027 with 700,000 bpd, Nasser said.]
The CEO also added that Saudi Aramco is undertaking the largest capital expenditure program in its history that will cover its output expansion.