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Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
Saudi Aramco has announced its full-year 2022 financial results, reporting a record net income of $161.1 billion, compared to $110.0 billion in 2021 - its highest annual profits as a listed company. Aramco expects 2023 capital expenditure to be approx. $45.0 billion to $55.0 billion.
Aramco is moving full steam ahead on its upstream expansion, but supply chain issues and intense competition for services pose a challenge to the program.
Aramco plans to develop the Jafurah gas field, serving as a blueprint for the region to capitalize on its unconventional resources toward a cleaner energy.