Riyadh - Mubasher: Saudi Arabian Oil Company’s (Aramco) capital expenditures range between $50 billion and $60 billion annually, President and CEO Amin H. Nasser revealed.
Nasser added that the value of technology investments at Aramco jumped to approximately $6 billion during the period from 2023 to 2024, compared to less than $300 million in previous years.
His remarks came during a panel discussion during the World Economic Forum 2026 in Davos.
The AI contributed more than 50% of the total value of technology investments over the past two years, he added.
Aramco is set to release its financial results for 2025 next month, with expectations of achieving savings and added value ranging between $3 billion and $5 billion.
He also pointed out that AI has contributed to boosting the productivity of some wells by 30% to 40%.
The CEO noted that the oil giant has a venture capital (VC) arm with investments of nearly $7.50 billion.
Last November, Aramco signed 17 memoranda of understanding (MoUs) and agreements with major companies in the US at an aggregated value exceeding $30 billion.
