Saudi Aramco plans to nearly double its gas production to 23 billion standard cubic feet per day (Bscf/d) in the next decade, its chief executive said on March 8.
"The kingdom has managed to increase gas production from 3.5 Bscf/d in 1982...to more than 12 Bscf now and this figure is expected to double to around 23 Bscf during the coming decade," Amin Nasser told an industry conference.
"Work is under way to execute an ambitious plan to implement this during the coming 10 years," he said, without detailing the plan.
Saudi Aramco, the world's largest oil and gas company, has embarked on a massive program to boost gas output for electricity and petrochemical production by developing gas fields not associated with oil production.
For instance, it is exploring and developing unconventional gas in the north of the kingdom.
Nasser also said Aramco was moving ahead with its strategy "to achieve a better balance between the total exploration and production capacity, which stands at 12 million barrels per day (MMbbl/d) of crude oil, and its refining capacity."
The state oil giant plans to raise its refining capacity to 8-10 MMbbl/d from around 5.4 MMbbl/d now, he added.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.
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