Saudi Arabian Oil Co. (Saudi Aramco) expects its capital expenditures to range between $35 billion and $40 billion in 2020.
The figures include capital expenditures of Saudi Basic Industries Corp. (SABIC) assuming the proposed acquisition of the Public Investment Fund’s (PIF) share is completed in the first half of year.
The company also predicted that its main capital expenditures will account between $40 billion and $45 billion in 2021, in line with the key medium-term capital expenditure levels.
About 35 percent of capital expenditures over the medium term are expected to be allocated to liquid-related expenditures, 40 percent to gas-related expenditures and 25 percent to refining, processing and marketing.
Saudi Aramco believes that it has great flexibility to reduce capital expenditure in a low oil price environment.
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