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Aramco plans to increase its natural gas production by 64 percent from today's 14 billion cubic meters to 23 billion cubic meters, Amin Nbader Chief Executive Officer Amin Nbader said in a news conference. cited in Dubai by S & P Global. Platts.
Natural gas is one of Aramco's top priorities for the future, as well as downstream crude oil activities, particularly in the petrochemical sector.
The company will invest about $ 160 billion in increasing its natural gas production, Nbader said. part of a larger investment program of 500 billion US dollars for the next decade. Natural gas production capacity will increase to 25 billion cubic meters.
The company will continue its conventional and unconventional gas development projects, the executive added. Earlier this year, Aramco began producing unconventional gas on the North Arabian field. Production at the field is expected to increase from 55 million cubic feet per day to 190 million cubic feet per day by the end of this year.
As part of its gas projects, Aramco had already signed this month a joint exploration. and production agreement with Adnoc, covering both natural gas and LNG.
Nbader announced yesterday that Aramco has allocated $ 500 billion in total investment for its international expansion and diversification over the next ten years. In addition to the $ 160 billion allocated to natural gas, the company would also spend $ 100 billion on developing its petrochemical business, to which would be added the $ 70 billion that Aramco would pay for a majority stake in the Saudi petrochemicals major group. Sabic.
The company also plans to increase its refining capacity to 8-10 million barrels a day, added the director, to "create a better balance between our upstream and downstream segments".
By Irina Slav for Oilprice.com
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