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Saudi Aramco president and CEO Amin H. Nasser. Image courtesy of Saudi Aramco.

Saudi Aramco will make a multi-billion dollar investment push over the next decade to maintain its oil production capacity.

Saudi Aramco vice president for procurement and supply chain management Abdulaziz al-Abdulkarim said during a conference in Bahrain that the company plans to invest about $334 billion by 2025, according to Reuters.

That amount is up from the $300 billion the company said it would spend over the same period of time when it announced the In-Kingdom Total Value Add (IKTVA) plan last year.

The IKTVA program is designed to increase investment and boost economic diversification, job creation and workforce development in Saudi Arabia.

The company’s plans call for 70 percent of the energy-related goods and services related to the IKTVA to the to be locally produced by 2021.

Al-Abdulkarim said the funds will be spent on material and services to support service facilities, infrastructure projects, drilling projects and the exploration and development of unconventional resources among other projects.

“That is the 10-year investment. It’s everything. You talk about pipelines, you talk about bulk plants, you talk about power plants, there is a lot of investment, of course upstream facilities whether it’s oil or gas,” Al-Abdulkarim said on Monday.

Speaking at the annual SPE and ATCE conference in Dubai, Saudi Aramco president and CEO Amin H. Nasser said the pressures currently facing oil and gas firms is “unprecedented.”

“In the current low-price, volatile environment, the “business as usual” practices can’t stand up to increasingly complex financial, technology and talent issues,” Nasser said.

Nasser stressed the need to focus on long-term investments despite the nearly two-year long crude price downturn.

“As it stands, $1 trillion in costly, challenging and marginal resources may be delayed or canceled by the end of this decade. Yet, long-term investments must be maintained to develop new capacity and keep technology on track,” Nasser said.

Nasser added that he expects global energy demand will accelerate as standards of living rise in developing countries and populations continue to expand.

“While its pace has been tempered by energy-efficiency gains, demand will be impacted by global population growth expected to pass 9.5 billion by 2050, and rising living standards in developing economies,” Nasser said.