Analysis of Saudi Arabia’s crude oil production shows that over US$79.6 billion in CAPEX would be spent by Saudi Aramco on oil projects over the next four years, to ensure that the country’s production remains around 11.2 million bpd in 2021.
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"Over US$79.6 billion in CAPEX to be spent by Saudi Aramco over next four years"
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The company will have 17 fields producing in 2021, of which 13 are conventional oil fields and four are gas fields producing condensate, according to GlobalData. Spending is predicted to top in 2021, at US$20.5 billion.
Average full cycle CAPEX per barrel of oil equivalent for Saudi Arabian oil projects is US$4.76. Onshore projects have an average full cycle CAPEX of US$2.90 per barrel of oil equivalent, while shallow water projects average US$6.90 per barrel of oil equivalent in full cycle CAPEX.
Average development break-even price for oil projects in Saudi Arabia is about US$7.60 per barrel. Shallow water projects require an oil price of US$8.50 per barrel to break even, while the onshore projects have a development break-even price of US$6.80 per barrel.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/14022018/over-us796-billion-in-capex-to-be-spent-by-saudi-aramco-over-next-four-years/