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Commodities

Saudi Aramco to spend over $133 billion on drilling over next decade

FILE PHOTO: An Aramco employee walks near oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

DUBAI (Reuters) - State oil giant Saudi Aramco will spend more than 500 billion riyals ($133 billion) on oil and gas drilling over the next decade, a senior company executive said on Monday.

“We will spend more than half a trillion Saudi Riyals on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi Vision 2030,” Mohammed al-Qahtani, Aramco’s senior vice president for upstream, said in a statement.

He was speaking at a graduation ceremony for the Saudi Arabian Drilling Academy (SADA) in Abqaiq, Saudi Arabia, according to the statement.

Reporting by Rania El Gamal; Editing by Adrian Croft

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