Saudi Aramco’s capital expenditures are still “under review”, Khalid Al-Dabbagh, senior vice president of finance, strategy and development, said in a press conference on Monday.
Capital spending for 2020 will range between $25 billion and $30 billion (SAR 94 billion and 112.5 billion).
Meanwhile, Saudi Aramco is reviewing spending plans for 2021 and beyond. It will be well below the guidance, between $40-45 billion (SAR 150 billion and SAR 169 billion).
Aramco’s capital spending is the lowest in terms of capital needs, compared to the world’s five largest oil producers, Al-Dabbagh added.
The second quarter of 2020 has proven to be the most challenging economic period in a generation, with most industries suffering severe disruptions and significant economic losses - including the energy sector, Amin Nasser, Aramco President & CEO, said in a webcast to discuss H1 2020 financial results with analysts.
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