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FINANCIAL NEWS
Saudi Arabia to boost gas production by 50% in 2020
18 Aug 2010
(MENAFN) Government-owned Saudi Aramco said that intensified exploration and new recovery technology will increase Saudi Arabia?s gas output by more than 50 percent in 2020 as the world?s oil superpower races to cater to surging domestic demand, Emirates 24/7 reported.
Huge investments in exploration and drilling programmes have already resulted in a sharp rise in Saudi Arabia’s natural gas reserves to nearly 275 trillion cubic feet (tcf) at the end of 2009 from around 181 tcf in 1990, according to the 2009 report Saudi Aramco published this week.
The new discoveries and higher recovery rates also pushed up the country?s non-associated gas deposits to more than 50 percent of the total gas resources at the end of last year from about 25 percent in 1990, it said.
Saudi Aramco, the world?s largest oil producing firm which controls over a fifth of the global crude wealth, said demand for gas is growing rapidly in Saudi Arabia and this should prompt the kingdom to step up efforts to find more gas.
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