Minister: Saudi Aramco Could Import Gas To Boost Use In Energy Mix
JEDDAH, Saudi Arabia, June 7 (Reuters) - Saudi Aramco could invest in importing gas into the kingdom, but the priority would be on finding new sources of gas domestically through exploration, Saudi Arabia's energy minister said on Tuesday.
Even though it is the world's largest oil exporter, Saudi Arabia has struggled to keep pace with domestic gas demand in recent years as increased use from industry and power generation put pressure on supplies.
"Gas makes up 50 percent of our energy mix now and we aspire to raise this to 70 percent from all sources, be it local or, if it is possible, from a source to import from at a competitive price," Khalid al-Falih told a news conference announcing the kingdom's National Transformation Plan.
Falih, who is also Aramco's chairman, indicated earlier this month that the energy giant would be interested in investing in international upstream opportunities, particularly in gas.
While Aramco has several overseas joint ventures in the refining and petrochemical sectors with foreign oil companies, it has not pursued similar deals in upstream initiatives.
(Reporting by Gulf team; Writing by David French; Editing by Andrew Torchia and Leslie Adler)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 44 Offshore Rigs
- Tellurian Set to Boost Louisiana Gas Holdings Tenfold (Jan 16)
- Saudis Seen Counting on 80% Surge in Oil Income to Balance Books (Dec 27)
- Initial Negotiations with Saudi's Aramco to Refine Oil in Egypt - Oil Mnstr (Nov 14)