Aramco posts records Q2 profits
Aramco’s record Q2 profits of US$48bn have exceeded the combined profits of the supermajors ExxonMobil, Chevron, TotalEnergies, Shell and BP.
The upstream focus is all now on expanding the maximum sustainable capacity from 12mbpd to 13mbpd by 2027 with the Marjan and Berri projects leading the way.
Investment of US$50bn is expected in 2022 and Aramco is set to expand the use of joint venture models. Long used for downstream operations Midstream JVs are now in place following two recent deals valued at US$28bn with 49% being acquired in Aramco crude oil pipeline and natural gas networks by two investor groups: a new dawn of opportunities for advanced pipeline technology suppliers.
Saudi Aramco Energy Ventures private equity wing continues to play a key role in supporting the role of advanced energy technologies with over US$500m now invested in the current and past portfolio: the hope must be that the record profits will allow further funding to be made available for a new wave of technology investments.
Hugh Fraser International’s joint venture expertise extends to dozens of KSA projects over the last 25 years with major growth in Saudi IJVs expected over the next 3 years.