The funds will be spent over the next decade, according to Saudi Aramco's senior vice president for upstream
Saudi Aramco plans to spend more than $133 billion on oil and gas drilling over the next ten years, a senior executive said on Monday.
Speaking at the first graduation ceremony for Saudi Arabian Drilling Academy (SADA) in the Saudi town of Abqaiq, Mohammed Al-Qahtani, Saudi Aramco’s senior vice president for upstream, addressed the 132 students from 34 drilling and services companies about the future of their sector in oil & gas.
"We will spend more than half a trillion Saudi Riyals ($133 billion) on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi Vision 2030," said Al-Qahtani.
He emphasised the importance of training programmes in closing the talent and skills gap in the oil & gas industry.
SADA launched in September 2016, and its 20-month programme provides training for diverse jobs; from rigman and junior services operator to skilled engineers, riggers and heavy equipment operators. The academy is funded by the 34 private drilling and services companies.
“The concept behind SADA is unprecedented, where companies that operate in a competitive market agree to cooperate in a win-win approach and join forces for the good of the industry. What is happening here is a true sense of responsibility and solidarity among industry players. It is a start, and will inspire others,” Saudi Aramco CEO Amin Nasser said.