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Saudi Aramco is reviewing its spending plans for 2021 and beyond, and has reduced its capital expenditures in 2020 to US$25-30 billion based on market conditions.
Capital expenditures in 2019 were 32.
8 billion U.
S.
dollars, and in 2018 it was 35.
1 billion U.
S.
dollars.
After the company's 2019 results were announced, President and CEO Armin Nasser spoke with analysts on the phone and said that if capital expenditures are not increased, the company may maintain its maximum production capacity of 12 million barrels per day for one year.
The company obtained regulatory approval in February to develop the Jafurah oil field in Eastern Province in phases.
The gas field is the largest unconventional gas field in Saudi Arabia to date, with an estimated resource of 200 trillion cubic feet.
The first phase of production is expected to begin in early 2024.
Saudi Aramco's average total oil and gas production in 2019 was 13.
2 million barrels of oil equivalent per day.
Net income for the full year of 2019 was US$88.
2 billion, compared with US$111.
1 billion in 2018.
The main reason for the decline was the decline in crude oil prices and production, coupled with the decline in refining and chemical profit margins, and the $1.
6 billion impairment associated with Sadara Chemicals.
Saudi Aramco agreed in 2019 to acquire a public investment fund of 70% of Saudi Basic Industries Corporation (SABIC), one of the world's largest chemical companies, for US$69.
1 billion.
It is expected that Saudi Aramco will become one of the world's largest petrochemical producers in the first half of this year.
In December 2019, the company completed its initial public offering (IPO) and subsequently issued the first tranche of US$12 billion in international bonds in April 2019.
Capital expenditures in 2019 were 32.
8 billion U.
S.
dollars, and in 2018 it was 35.
1 billion U.
S.
dollars.
After the company's 2019 results were announced, President and CEO Armin Nasser spoke with analysts on the phone and said that if capital expenditures are not increased, the company may maintain its maximum production capacity of 12 million barrels per day for one year.
The company obtained regulatory approval in February to develop the Jafurah oil field in Eastern Province in phases.
The gas field is the largest unconventional gas field in Saudi Arabia to date, with an estimated resource of 200 trillion cubic feet.
The first phase of production is expected to begin in early 2024.
Saudi Aramco's average total oil and gas production in 2019 was 13.
2 million barrels of oil equivalent per day.
Net income for the full year of 2019 was US$88.
2 billion, compared with US$111.
1 billion in 2018.
The main reason for the decline was the decline in crude oil prices and production, coupled with the decline in refining and chemical profit margins, and the $1.
6 billion impairment associated with Sadara Chemicals.
Saudi Aramco agreed in 2019 to acquire a public investment fund of 70% of Saudi Basic Industries Corporation (SABIC), one of the world's largest chemical companies, for US$69.
1 billion.
It is expected that Saudi Aramco will become one of the world's largest petrochemical producers in the first half of this year.
In December 2019, the company completed its initial public offering (IPO) and subsequently issued the first tranche of US$12 billion in international bonds in April 2019.
