Saudi Aramco plans to invest upwards of $40bn annually over the next decade with a large chunk dedicated to an enhanced drilling program.

Presenting the company’s current and future plans, Aramco CEO Khalid al-Falih reiterated that oil production capacity would be maintained at 12mn b/d while gas output is set to double.

Mr Falih’s remarks at a conference in Stavanger, Norway, on 25 August would suggest that the state-run company is, at least for now, sticking to its...