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Sun 10 Mar 2019 11:19 AM

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Large gas reserves found off Saudi Arabia's Red Sea coast

Saudi Aramco is eying opportunities in the US, India, Pakistan, Indonesia and Russia

Large gas reserves found off Saudi Arabia's Red Sea coast
Saudi energy minister Khalid Al Falih said that Saudi Aramco is also considering liquid natural gas acquisition opportunities in the United States.

Large volumes of natural gas has been discovered off Saudi Arabia’s Red Sea coast, according to the state-run Saudi Press Agency (SPA).

According to the SPA report, Saudi energy minister Khalid Al Falih said that Saudi Aramco is also considering liquid natural gas acquisition opportunities in the United States.

Additionally, Aramco is eying other opportunities in India, Pakistan, Indonesia and Russia, as well as in South Africa.

In January, Aramco CEO Amin Nasser told Reuters that the firm was eying acquisitions in the US as part of a larger strategy to boost its gas business.

Just last week in London, Nasser said that Saudi Arabia hopes to export as much as 3 billion cubic feet of gas per day by 2030.

According to Saudi media reports, Aramco is also studying the feasibility of plans to buy a petrochemical plant.

Data from the US Energy Information Administration shows that Saudi Arabia had natural gas reserves of 303 trillion cubic feet in 2017, the same year that Aramco’s natural gas production totalled 12.4 billion cubic feet per day, up from 12.03 billion in 2016.

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