Saudi Aramco, the world’s largest oil exporter, has narrowed its capital expenditure guidance for this year to between $48 billion and $52 billion as it stays on track with sizeable upstream expansion plans.

Aramco chief financial officer Ziad Thamer Al Murshed said during a conference call with analysts on Tuesday that the company remains confident in its ability to deliver on its spending targets this year, and is “comfortably on track” and within capital investment guidelines provided earlier.