Aramco targets 80% increase in gas sales capacity by 2030: CEO

Saudi Aramco President and CEO Amin Nasser said the company aims to increase gas sales capacity by about 80% from 2021 levels by 2030 and expand renewable energy projects.

Speaking at the 25th World Petroleum Congress (WPC) in Riyadh, Nasser said gas and renewables would each account for half of Saudi Arabia’s electricity generation by 2030.

On current disruptions, he said shipping disruptions in the Strait of Hormuz and attacks on regional energy facilities had tested every component of the global energy system.

Saudi Arabia’s energy system remained highly reliable throughout the crisis, he said.

Replenishing inventories while meeting demand could take up to two years, Nasser added.

Aramco is exploring additional crude oil export routes and expanding storage capacity outside the Kingdom, in coordination with the Ministry of Energy.

The company continues to explore opportunities in hydrogen, carbon capture, utilization and storage (CCUS), the circular carbon economy, artificial intelligence and advanced digital technologies, the CEO said.