'Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real,' says Saudi Aramco CEO Amin Nasser.
amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of a global economic contraction.
To address those challenges, the company is investing in new lower-carbon technologies with potential to achieve additional emission reductions, Nasser said. Aramco’s capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year’s spending to be around $45.0 billion to $55.0 billion including external investments.
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