Saudi Arabia is studying an expansion of a regional gas network with UAE and Oman, following an increase in the estimates of the Kingdom’s energy reserves, said Saudi Energy Minister Khalid al-Falih Tuesday.
He announced an upward revision to the Kingdom’s proven oil and gas reserves following an independent certification. The new estimates suggest the Kingdom has 325.1 trillion standard cubic feet of gas.
Falih said, “Aramco is seeking to develop gas resources in the Kingdom to meet local needs with potential export in the future.”
On the sidelines of the Abu Dhabi Sustainability Week conference, Falih told reporters he was “very optimistic” about the outlook for the market after oil producers cut output to support flagging prices.
A group known as OPEC+ — which includes members of the producer group and allies such as Russia — last month decided to reduce output by 1.2 million barrels per day in a bid to shore up prices.
Saudi Arabia announced last week it would slash its oil exports by 800,000 barrels per day to 7.2 million barrels per day in January 2019.
