Saudi Aramco To Spend $133Bln On Oil, Gas Drilling Over Next 10 Years - Vice President

DOHA (UrduPoint News / Sputnik - 18th September, 2018) Saudi state oil company Aramco will spend over 500 billion Saudi riyals ($133 billion) over the next 10 years on oil and gas drilling, the company's Senior Vice President for Upstream, Mohammed Al-Qahtani, said on Monday.

Al-Qahtani attended the first graduation ceremony of Saudi Arabian Drilling Academy (SADA), where 132 students representing 34 drilling and services companies received their diplomas.

"The academy ...

will complement the efforts to increase the share of local content in the energy-related products and services, as 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," Al-Qahtani said.

Saudi Aramco is the national oil company of Saudi Arabia, founded in 1933 and headquared in Dhahran. The company controls almost all the oil-producing capacities of the country.