Prime Highlight:
- Aramco has sharply increased its technology focus, with AI making up over 50% of its recent tech investments.
- CEO Amin H. Nasser says these investments have boosted productivity by 30–40% at some oil wells.
Key Facts:
- Aramco’s technology spending rose to nearly $6 billion in 2023–2024, up from less than $300 million in earlier years.
- The company’s venture capital portfolio is valued at nearly $7.5 billion, supporting global innovation in energy and technology.
Background:
Aramco, the Saudi Arabian Oil Company, keeps investing heavily in growth, technology, and innovation, with annual capital spending between $50 billion and $60 billion, according to President and CEO Amin H. Nasser.
Speaking during a panel discussion at the World Economic Forum 2026 in Davos, Nasser said Aramco has sharply increased its focus on technology. He revealed that the company’s technology investments rose to nearly $6 billion during the 2023–2024 period, compared with less than $300 million in earlier years.
Artificial intelligence played a central role in this shift. Nasser said AI accounted for more than 50% of the total value of Aramco’s technology investments over the past two years. He added that AI applications have delivered clear operational gains, including a 30% to 40% increase in productivity at some oil wells.
Aramco is set to announce its financial results for 2025 next month. Nasser said the company expects these investments to save and add value between $3 billion and $5 billion, showing improved efficiency across operations.
Beyond internal spending, Aramco continues to expand its investment footprint through its venture capital arm. Nasser said the company’s VC portfolio is now valued at nearly $7.5 billion, supporting innovation across energy, technology, and related sectors.
The oil giant has also stepped up international partnerships. In November last year, Aramco signed 17 memoranda of understanding and agreements with major US companies. The combined value of these deals exceeded $30 billion, showing Aramco’s focus on global collaboration.
Nasser said the company’s strategy focuses on large-scale capital investment by adopting advanced technology, preparing Aramco for long-term strength as the global energy market changes.
