Aramco net income falls to $106bn but sees gas growth

Aramco has said it anticipates “significant upside” in natural gas volumes this year, after recording net income of $106bn in 2024, down from $121bn in 2023.

The Saudi energy giant said it is targeting 2 mmboe/d of incremental gas and associated liquids capacity by 2030, and is aiming for up to 2.5 mmtpa blue ammonia production by the same year.

CEO Amin Nasser said, “The growth in gas has the potential to generate very attractive and stable returns.”