Saudi Aramco CEO says majority of capex will be upstream

The majority of Saudi Aramco's capital spending will be focused on the upstream sector for oil and gas, CEO Amin Nasser said on Monday in a post earnings' webcast.

Aramco 2222.SE announced on Sunday it would boost its capital expenditure (capex) to $40-50 billion this year, with further growth expected until around the middle of the decade.

Capex was $31.9 billion last year, up 18% from 2020 - indicating an increase of about 50% for this year at the middle of the guidance range.