Saudi Arabia’s state-owned oil and gas company Saudi Aramco has released its 2023 results, posting a net income of US$121.3bn, a 25% decrease compared to 2022 but still the company’s second highest ever net income. Capital expenditure rose by 12% to US$42.2bn.
In 2023, Saudi Aramco’s average hydrocarbon production was 12.8 mboe/d, a 6% decrease compared to 2022 (13.6 mboe/d), including 10.7 mb/d of crude oil. The company announced continued progress on its Marjan, Berri, Dammam and Zuluf crude increment projects, which are intended to enhance Aramco’s reliability and operational flexibility, while contributing to its capability to maintain a maximum sustainable capacity of 12 mb/d. The company’s gas projects are also advancing with the aim of increasing gas production by more than 60% by 2030, compared to 2021 levels.
In January 2024, Saudi Aramco announced that it was asked by the Ministry of Energy to maintain its planned maximum sustainable crude oil production capacity at 12 mb/d, thereby abandoning a planned increase in production. In 2021, Aramco was originally asked by the Ministry of Energy to boost its maximum output capacity to 13 mb/d by 2027.