By Rania El Gamal
DUBAI (Reuters) – Saudi Aramco’s gas expansion strategy needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter, its chief executive said on Tuesday.
Aramco is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast growing industries, freeing up more crude oilto export or turn into chemicals.
The state oil giant plans to boost its gas production to 23 billion standard cubic feet (scf) a day from 14 billion scf now, its CEO Amin Nasser told a chemicals industry event in Dubai.
“Our gas program… will attract investments of about $150 billion over the next decade,” he said. “We also have world-class unconventional gas resources that are rapidly supplementing our large conventional resources.”
A big part of this unconventional gas is rich in both liquids and ethane, which will play an important role in the growth of the Saudi’s chemicals sector, he said. Aramco is a major gas player but much of the company’s production is used domestically, he added.