BAKU, Azerbaijan, March 11. In 2023, Saudi Aramco's capital investments hit $49.7 billion, with $42.2 billion allocated to organic capital expenditure, Trend reports.
According to the company's latest financial report, this marks a 28-percent uptick from the $38.8 billion invested in 2022, including $37.6 billion in organic capex.
Looking ahead to 2024, Aramco anticipates capital investments ranging from $48 to $58 billion, with continuous growth until the mid-2020s.
The strategy to uphold the Maximum Sustainable Capacity at 12 million barrels per day, achieved mainly through postponing uncommissioned projects and reducing infill drilling, is projected to slash capital investment by roughly $40 billion between 2024 and 2028.
Meanwhile, over the past year, Aramco recorded a net income of $121.3 billion, down from $161.1 billion in 2022, marking its second-highest net income to date. The decrease from the previous year can be attributed to lower crude oil prices and sales volumes, along with narrower margins in refining and chemicals. This was partially balanced by a reduction in production royalties throughout the year and lower income taxes and zakat.