Saudi Aramco plans to spend $133 billion on oil and gas drilling over the next decade, a senior company executive revealed on September 17, Reuters reported.

“We will spend more than half a trillion Saudi Riyals on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi Vision 2030,” Mohammed al-Qahtani, Aramco’s senior vice president for upstream, said in a statement.

Vision 2030 is Crown Prince Mohammed bin Salman’s flagship economic development plan that aims to diversify the kingdom’s energy supply, attract foreign investment into non-energy sectors, and promote the modernization of the economy using state-of-the-art technology.