Saudi Aramco could invest in importing gas into the Kingdom but the priority would be on finding new sources of gas domestically through exploration, the Kingdom’s Energy Minister has said.
Khalid Al-Falih indicated earlier this month that the energy giant would be interested in investing in international upstream opportunities, particularly gas.
Even though the Kingdom is the world’s largest oil exporter, Saudi Arabia has struggled to keep pace with domestic gas demand in recent years as increased use from industry and power generation put pressure on supplies, Reuters reported.
Al-Falih said, “Gas makes up 50% of our energy mix now and we aspire to raise this to 70% from all sources, be it local or look at importing at a competitive price.”
Al-Falih, who is also Saudi Aramco’s chairman, indicated earlier this month that the energy giant would be interested in investing in international upstream opportunities, particularly gas.
Last year, state oil giant Saudi Aramco announced the discovery of new oil and gas fields and the Kingdom is committed to continue investing in its energy sector to meet future demand.
