Saudi Aramco Aims to Increase Gas Production by More Than 60% by 2030

The Saudi Aramco announced on Sunday its full-year 2023 financial results, reporting a net income of $121.3 billion, its second-highest ever net income.

The results, underpinned by Aramco’s unique operational flexibility, reliability and low-cost production base, reflect the company’s ongoing commitment to creating value for its shareholders, said Aramco in a statement.

Total dividends of $97.8 billion were paid in 2023, up 30% from 2022. Aramco declared a base dividend of $20.3 billion for the fourth quarter, to be paid in Q1 2024. In addition, the Board has approved the third distribution of performance-linked dividends in the amount of $10.8 billion.

Capital investments in 2023 reached $49.7 billion, including $42.2 billion organic capex. This represents a 28% increase from capital investments of $38.8 billion in 2022, including $37.6 billion organic capex. Aramco expects 2024 capital investments to be approximately $48 to $58 billion, growing until around the middle of the decade.

The directive to maintain Maximum Sustainable Capacity at 12 million barrels per day, mainly from deferral of projects not yet commissioned and reductions in infill drilling, is expected to reduce capital investment by approximately $40 billion between 2024 and 2028.

Aramco’s gas projects are also advancing with the aim of increasing gas production by more than 60% by 2030, compared to 2021 levels.

These projects include the Hawiyah Unayzah Gas Reservoir Storage, where injection activities have commenced with the goal of providing up to two billion standard cubic feet per day (bscfd) for reintroduction into the master gas system; completion of the Hawiyah Gas Plant expansion, increasing the plant’s raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), including approximately 750 mmscfd of sales gas capacity; and production of the first unconventional tight gas from the South Ghawar operational area.

In 2023, Aramco’s average hydrocarbon production was 12.8 million barrels of oil equivalent per day (mmboed), including 10.7 million barrels per day (mmbpd) of total liquids.

Aramco continued its strong track record of supply reliability, by delivering crude oil and other products with 99.8% reliability in 2023.

Progress continues on the Company’s Marjan, Berri, Dammam and Zuluf crude increment projects, which are intended to enhance Aramco’s reliability, operational flexibility and ability to capture value from higher global demand, while contributing to its capability to maintain a Maximum Sustainable Capacity of 12.0 mmbpd.

"We'll have 1 million b/d by phasing down liquid burning in the kingdom that will be available for export. And with that it will bring 1 million b/d of liquids associated with gas expansion. So you're looking at 2 million b/d that is coming on stream that is available for export both from phasing down of liquid burning and the additional associated liquids," said CEO Amin Nasser.