State oil giant Saudi Aramco will spend more than 500 billion riyals ($133 billion) on oil and gas drilling over the next decade, a senior company executive said on Monday.
"We will spend more than half a trillion Saudi Riyals on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi Vision 2030," Mohammed al-Qahtani, Aramco’s senior vice president for upstream, said in a statement.
He was speaking at a graduation ceremony for the Saudi Arabian Drilling Academy (SADA) in Abqaiq, Saudi Arabia, according to the statement.
Reporting by Rania El Gamal