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FINANCIAL NEWS
Saudi Arabia discovers new gas reserves
06 Dec 2011
(MENAFN) Saudi Arabia announced a new discovery of natural gas reserves in the Red Sea and Empty Quarter, but no plans for immediate development, The Daily Star reported.
Oil Minister’s adviser Ibrahim Muhanna said that his country, which is the world’s largest oil exporter will carry on with exploration operations for tight gas and heavy oil for future energy needs.
Saudi Arabia needs gas to help cover its growing domestic fuel demand, especially as it is shifting focus to expand the industrial sector, and conserve oil for lucrative export markets.
Khalid al-Falih, CEO of Saudi Aramco said in November his company would focus on gas in the short to medium term as raising oil production capacity beyond the current 12 million barrels per day was not needed.
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