The Saudi energy giant is positioning itself to tap the booming LNG market – a much cleaner fuel compared to pollution-heavy crude oil.
On Tuesday, Saudi energy giant Aramco stated, its gas program is likely to draw $150 billion in investments over the next decade. Production of LNG is set to touch 23 billion standard cubic feet a day from the current 14 billion.
“We also have world-class unconventional gas resources that are rapidly supplementing our large conventional resources … currently we have 16 drilling rigs concentrating on unconventional gas and more than 70 wells completed this year,” said Amin Nasser, Aramco’s CEO at a conference in Dubai.
He went on to add, Aramco also plans on investing $100 billion over the next decade in chemicals globally, in addition to potential acquisitions.