The Saudi Arabian Oil Company, better known as Aramco, on Saturday reported that net income more than doubled year-on-year to $110 billion in 2021.
The energy giant also announced its growth strategy, which in its upstream business includes continuing to raise crude oil capacity to 13 million barrels per day (mmbpd) by 2027, and potentially increasing gas production by more than 50 percent by 2030.
In its downstream business, the company said it plans to expand its liquids to chemicals capacity to up to 4 mmbpd.
Aramco also intends to develop a significant hydrogen export capability and become a global leader in carbon capture and storage (CCS).
In addition, Aramco said it is targeting investment in renewable energy and nature-based solutions, as it pursues its ambition of achieving net-zero greenhouse gas emissions across its wholly-owned operated assets by 2050.
Aramco president and CEO, Amin H Nasser, said: “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders.
“Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy.
“We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity.
“We are also investing in CCS, renewables and low-carbon hydrogen production – supporting the global energy transition and advancing our net-zero ambition.”
Aramco’s net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020. It said the increase in net income reflects higher crude oil prices, stronger refining and chemicals margins, and the consolidation of SABIC’s full-year results.
Capital expenditure in 2021 was $31.9 billion, an increase of 18 percent from 2020, primarily driven by increased activities in relation to crude oil increments, Tanajib Gas Plant and development drilling programs.
Aramco said it expects 2022 capital expenditure to be approximately $40-50 billion, with further growth expected until around the middle of the decade.
In 2021, Aramco’s average hydrocarbon production was 12.3 mmboed, including 9.2 mmbpd of crude oil.
In November, Aramco commenced development of the vast Jafurah unconventional gas field, the largest non-associated gas field in Saudi Arabia. By 2030, it is expected to reach a sustainable gas rate of two billion standard cubic feet per day (bscfd) of natural gas.
Follow us on
