Saudi Arabia's national oil company Saudi Aramco has released its 2021 results, posting a net income of US$110bn (+124% compared to 2020) due to the rise in global oil prices, higher refining and chemicals margins, and the full consolidation of the petrochemical group SABIC. Saudi Aramco's hydrocarbon production declined by 0.8% to 12.3 mboe/d but its crude oil production remained stable at 9.2 mb/d.
The company's capital expenditure in 2021 increased by 18% to US$31.9bn, spurred by increased activities in relation to crude oil increments, Tanajib Gas Plant and development drilling programs. Saudi Aramco aims at investing around US$40-50bn in 2022. The company intends to raise its crude oil maximum sustainable capacity (MSC) from 12 mb/d in 2021 to 13 mb/d by 2027 and to potentially increase gas production by more than 50% in 2030. Saudi Aramco also plans to develop hydrogen export capacities, to become a leader in Carbon Capture and Storage (CCS), to develop renewables and to reach net zero greenhouse gas (GHG) emissions across its wholly-owned operated assets by 2050 (Scope 1 and 2).