Saudi Aramco, the world’s largest oil and gas company, plans to nearly double its gas production to 23bscf/d in 10 years, according to its Chief Executive Amin Nasser . “The kingdom has managed to increase gas production from 3.5bscf/d in 1982 to more than 12bscf now and this figure is expected to double to around 23bscf during the coming decade,” said Aramco CEO, The Wall Street Journal reported.
The Saudi company also plans to raise its refining capacity to 8mb/d to 10mb/d from its current capacity of around 5.4mb/d he added.
In attempt to embark on a massive program to boost gas output for electricity and petrochemical production by developing gas fields not associated with oil production, Aramco is exploring and developing unconventional gas in the north of the Saudi Kingdom, wrote Arabian Business.
In addition, Aramco CEO also stated that the company was moving ahead with its strategy “to achieve a better balance between the total exploration and production capacity, which stands at 12mb/d of crude oil.” The state oil giant also plans to raise its refining capacity to between 8 and 10mb/d, up from the current 5.4mb/d, according to Rigzone.
It was also reported by Reuters that Saudi Aramco will continue to invest in upstream and downstream sectors, expecting an upwards adjustment in oil prices to begin by the end of 2016.