Saudi Aramco to invest $133 billion in oil and gas drilling

Saudi Aramco, a Saudi Arabian state-owned oil and gas company, plans to spend more than 500 billion riyals ($133 billion) on oil and gas drilling over the next decade.

Saudi Aramco will spend more than half $266 billion on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi vision 2030.

Still, Saudi Arabia needs to develop more oil and gas fields to offset the production decline from the mature fields that have already been pumping oil for decades.

Last week, Aramco awarded a contract to China Harbour Engineering Arabia to build two man-made drilling islands to support the Berri field production capacity islands, as part of the plan to increase production at the field.