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Saudi Aramco says its gas programs will attract $ 150 billion in investment over the next decade, with its goal of almost doubling gas production over the same period.
The national giant aims to increase its gas production over the next ten years and reach 14 billion cubic feet per day from 14 billion cubic feet per day today, General Manager Amin Nbader told Dubai.
Aramco seeks to attract investment in its conventional and unconventional gas programs in the kingdom, with the prospect of becoming a net exporter of gas.
"We have world-clbad unconventional gas resources that quickly complement our vast conventional resources," said Nbader.
He added that much of the unconventional Saudi gas "is rich in liquids and ethane" and should play a crucial role in the development of the kingdom's chemicals sector.
Aramco currently has 16 rigs focused on unconventional gas reserves, and more than 70 wells are expected to be completed this year.
Nbader thinks the company will be able to produce up to about 3 billion cubic feet of gas by 2030 from its unconventional reserves.
Nbader also added that the company was venturing into the international liquefied natural gas market.
Aramco and Abu Dhabi's national oil company, National Oil Company, signed a framework agreement earlier this month to collaborate in the natural gas and LNG sectors. This should include partnerships on "techno-economic feasibility" studies and knowledge exchange.
Aramco holds approximately 4.2% of the world's proven gas reserves and would have intensified the exploration and development of its gas resources.
The state giant is also investing heavily in expanding its gas processing facilities in Saudi Arabia.
Aramco is launching several tender offers for its incremental project in Marjan, which includes several projects involving the expansion of gas processing terminals with an estimated total value of more than $ 5 billion.
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