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Wed 30 Mar 2016 06:40 PM

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Saudi Aramco CEO says no projects cancelled amid oil price slump

Global oil majors and Saudi Arabia have been paring back investments to cope with the continuing lower oil price

Saudi Aramco CEO says no projects cancelled amid oil price slump
Amin Nasser, CEO of Saudi Aramco.

Saudi Aramco was continuing to work on both its upstream and downstream projects without any cancellations, with its Khurais scheme expected to come online in 2018, the chief executive of the state-owned oil giant said on Wednesday.

Global oil majors and Saudi Arabia have been paring back investments to cope with the continuing lower oil price environment. The kingdom is the world's largest exporter of crude oil.

"Until now, our projects are continuing in downstream, upstream, there are no projects that have been cancelled from our programmes," Amin Nasser told reporters on the sidelines of an finance event.

Asked if there will be any delay in exploration activities, Nasser said: "Exploration activities are continuing. We have one rig in the Red Sea in the shallow water."

He added work on the clean fuels project in Ras Tanura is ongoing, while the completion of the Khurais oil field expansion would be in 2018.

Aramco revived bidding for the cleaner fuels project at its biggest oil refinery, sources familiar with the plan told Reuters last month, following speculation that lower oil prices would force the project's cancellation.

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