Saudi Arabia’s state-owned oil and gas company Saudi Aramco has released its 2022 results, posting a record net income of US$161.1bn, a 46.5% increase compared to 2021. Capital expenditure rose by 18% to US$37.6bn.
In 2022, Saudi Aramco’s average hydrocarbon production was 13.6 mboe/d, a 10.6% increase compared to 2021 (12.3 mboe/d), including 11.5 mb/d of crude oil. In the Upstream sector, Aramco continued executing its growth plans and implementing the Saudi Government’s mandate to increase the company’s crude oil output to 13 mb/d by 2027. The company notably plans to increase its production capacity by 550 kb/d in 2025 with the commissioning of the 300 kb/d Marjan and 250 kb/d Berri crude oil projects, and by a further 600 kb/d in 2026 with its Zuluf crude oil project.