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Wed 18 Jan 2017 09:29 AM

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Saudi Aramco to continue building oil, gas capacity to meet demand, says CEO

Chief Executive Amin Nasser said Saudi Aramco will double gas production over the next decade

Saudi Aramco to continue building oil, gas capacity to meet demand, says CEO
Saudi Aramco CEO Amin Nasser. (Ian Timberlake/AFP/Getty Images)

Saudi Aramco Chief Executive Amin Nasser said the state oil giant was working on building its oil and gas production capacity to meet future demand growth.

"What we are doing at Saudi Aramco is building our capacity in oil, we are the most reliable oil producer, we have a maximum sustained capacity of 12 million barrels per day (bpd). The kingdom has a capacity of 12.5 million bpd," Nasser said on Tuesday.

He did not say there were immediate plans to expand Aramco's oil production capacity beyond the current 12 million bpd.

"We are expanding our gas portfolio, where we will be doubling our gas production over the next decade," he said, speaking at the World Economic Forum in Davos, Switzerland.

Nasser says the world will need to invest $25 trillion in new oil capacity over the next 25 years to meet demand.

"While we are building our capacity in oil, we also invest in renewable energy," he said, adding that Saudi Arabia plans to invest up to $50 billion in renewables by 2023

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