CEO: Saudi Aramco To Double Gas Production In 10 years

Reuters

JUBAIL, Saudi Arabia, March 8 (Reuters) - Saudi Aramco plans to nearly double its gas production to 23 billion standard cubic feet per day in the next decade, its chief executive said on Tuesday.

"The kingdom has managed to increase gas production from 3.5 billion standard cubic feet (scf) per day in 1982...to more than 12 billion scf now and this figure is expected to double to around 23 billion scf during the coming decade," Amin Nasser told an industry conference.

"Work is under way to execute an ambitious plan to implement this during the coming 10 years," he said, without detailing the plan.

Saudi Aramco, the world's largest oil and gas company, has embarked on a massive programme to boost gas output for electricity and petrochemical production by developing gas fields not associated with oil production.

For instance, it is exploring and developing unconventional gas in the north of the kingdom.

Nasser also said Aramco was moving ahead with its strategy "to achieve a better balance between the total exploration and production capacity, which stands at 12 million barrels per day of crude oil, and its refining capacity."

The state oil giant plans to raise its refining capacity to 8-10 million bpd from around 5.4 million bpd now, he added.

(Reporting by Reem Shamseddine and Katie Paul; editing by Rania El Gamal and Mark Trevelyan)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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