Saudi Arabia

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Saudi Aramco has started the tendering process for contracts related to the expansion of its giant Safaniya offshore oil field which is expected to be completed by 2027, industry sources told Energy Intelligence. State-controlled Aramco is targeting a 1 million b/d of its overall oil production capacity to reach a total of 13 million b/d by 2027. Much of the additional capacity will come from the kingdom's offshore fields, including Safaniya. Aramco kick-started the tendering of contracts this month for the Safaniya expansion, which currently has a production capacity of around 1.3 million b/d from two reservoirs — Safaniya and Khafji — according to industry sources. The plan is to expand capacity by 700,000 b/d of Arabian heavy crude by 2027, the sources said. Global investment in the upstream oil and gas industry has been limited in recent years, but Aramco believes that oil demand will continue to grow for decades to come. The phased capacity expansion program is therefore a top priority for the company. CEO Amin Nasser told reporters last month that Aramco's maximum sustainable capacity will rise to 12.3 million b/d in 2025, 12.7 million b/d in 2026 and 13 million b/d by 2027.

Offshore Oil and Gas, Corporate Strategy
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