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Saudi Aramco Embarks on Global Hunt for Natural Gas Supplies

  • Saudi Arabia weighs importing gas to feed growing power demand
  • Exploration wells at home have yielded little new gas
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Source: Saudi Aramco

Updated on

Saudi Aramco is looking for natural gas assets from Russia to East Africa and the U.S. as the kingdom’s state-owned energy giant hunts for ways to meet soaring domestic demand.

The comments by Khalid Al-Falih, who’s both Aramco chairman and Saudi energy minister, are a tacit admission Aramco has failed to find enough domestic gas reserves despite years of exploration. He’s now considering imports of super-cooled liquefied natural gas to bridge the gap with local consumption and cut the amount of crude oil burned in power stations instead of exported for profit.