The company is investing in low-carbon technologies to meet the challenges, the spokesperson said. Photo: Aramco
Riyadh: Saudi Arabia’s oil giant Aramco posted a record annual net profit of $161.1 billion in 2022, up 46 percent from a year earlier due to rising energy prices and sales and improved margins for refined products. .
Saudi Aramco’s profit is nearly three times that of Exxon’s $56 billion. It reported the record profit in February after international companies such as BP, Shell and Chevron reported higher profits. All these companies have made record profits for the most part in the past year.
Aramco Chief Executive Officer (CEO) and President Amin H. Nasser said in a statement that, “Given that we expect oil and gas to remain essential for the foreseeable future, the risks of underinvestment in our industry are real.” This includes rising energy prices.
To address these challenges, the company is investing in new low-carbon technologies, he said. They have the potential to achieve additional reductions in emissions.
The company is pursuing a plan to increase crude oil production capacity to 1.3 million barrels per day (BPD) by 2027, the statement said.
Aramco’s capital spending rose 18 percent to $37.6 billion in 2022, and the company said it expects spending to range from $45.0 billion to $55.0 billion this year, including external investments. Is .
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