At the annual investment forum in Riyadh on Tuesday, Saudi officials announced plans to tender 44 gigawatts (GW) of renewable energy projects while maintaining the Kingdom’s oil production capacity to ensure global energy security.
As the world’s largest crude oil exporter, Saudi Arabia will sustain its maximum capacity at 12.3 million barrels per day (bpd). By 2027, the Kingdom anticipates producing more than 1.1 million bpd from new oilfields currently under development, which will help offset declines in older fields.
Saudi Aramco, the state-owned oil company, plans to increase production capacity at its Marjan, Berri, and Zuluf oilfields and will also enhance output from the Dammam crude oil development by 2027, as outlined in a presentation at the Future Investment Initiative summit.
Additionally, Saudi Arabia aims to have tendered a total of 44 GW of renewable energy projects by the end of this year. The Kingdom projects it will reach 130 GW of renewable energy capacity by 2030, driven by increasing demand.
Despite these ambitious renewable energy goals, Saudi Arabia remains committed to its leadership in the global oil market. Energy Minister Prince Abdulaziz Bin Salman emphasized the need for diverse energy sources to secure global energy stability during his speech at the forum. He stated that the Kingdom would continue to monetize its energy resources while addressing climate change challenges.
Earlier this month, Saudi Aramco CEO Amin Nasser called for a reassessment of transition plans for developing countries, highlighting strong anticipated growth in oil demand within the Global South.
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