Large quantities of gas have been discovered in the Red Sea, Saudi state news agency SPA quoted energy minister Khalid al-Falih as saying.
Falih also said Saudi Aramco was studying possible LNG project acquisition opportunities in the United States, adding that Aramco also aims to invest in South Africa where the oil giant is studying a petrochemicals project.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.
Coal seam gas wells are turning out to be less productive than thought.
In reply to a question about the contracts, known in the oil and gas industry as "farm-outs," President Andres Manuel Lopez Obrador said the country would not offer more for the time being.