• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 20 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 19 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 11 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 12 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 13 days Goldman Betting on Cryptocurrencies
  • 16 days Сryptocurrency predictions
What’s Holding The U.S. Solar Boom Back?

What’s Holding The U.S. Solar Boom Back?

While the Inflation Reduction Act…

Will OPEC Cut Production On Sunday?

Will OPEC Cut Production On Sunday?

If OPEC doesn’t decide to…

Aramco Plans To Significantly Boost Gas Output

Aramco has plans to increase its natural gas production by 64 percent from the current 14 Bcf daily to 23 Bcf, the company’s chief executive officer, Amin Nasser, said at an industry event in Dubai as quoted by S&P Global Platts.

Natural gas is among Aramco’s top priorities for the future along with downstream crude oil operations with a particular focus on petrochemicals.

The company will invest some US$160 billion in raising its natural gas production, Nasser said, as part of a larger US$500-billion investment program for the next decade. Natural gas production capacity will be boosted to 25 Bcf.

The company will pursue both conventional gas developments and unconventional ones, the executive also said. Earlier this year, Aramco began production of unconventional gas at the North Arabia field. Production from the field was seen to ramp up from the initial 55 million cu ft per day to 190 million cu ft per day by the end of this year.

As part of its gas plans, Aramco earlier this month signed a joint exploration and production agreement with Adnoc, covering both natural gas and LNG. Under the terms of the deal the two companies will look into LNG investment opportunities, the companies said at the time.

Nasser yesterday said Aramco had allocated total investments of US$500 billion for its international expansion and diversification over the next ten years. Besides the US$160 billion earmarked for natural gas, the company would also set aside US$100 billion for growing its petrochemical business, on top of the US$70 billion Aramco is expected to pay for a majority stake in Saudi petrochemicals major Sabic.

The company also plans to boost its refining capacity to 8-10 million barrels daily, the chief executive also said, to “create a better balance between our upstream and downstream segments."

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mike Koza on November 27 2018 said:
    The article re Aramco gas production uses units of billion cubic meters daily, whereas the original source uses bcf.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News