Saudi Arabia has made a large gas discovery in the Red Sea, bolstering its efforts to become a top-three global natural gas exporter.
The discovery was announced by Saudi Arabia’s Energy Minister, Khalid al-Falih, via the official Saudi Press Agency.
Al-Falih also said Saudi Aramco is studying possible liquefied natural gas project acquisition opportunities in the US.
Aramco is also aiming to invest in South Africa, where the oil giant is studying a petrochemicals project, according to Al-Falih.
Last month, Saudi Aramco CEO, Amin Nasser, said that Saudi Arabia aims to export as much as 3 billion cubic feet of gas a day by 2030 and ultimately become one of the world’s top-three exporters.
Saudi Arabia currently uses gas to provide 55 per cent of domestic electricity. Under its current strategy, the country is aiming to increase this to 75 per cent by 2030. The remaining 25 per cent of power will be provided from nuclear and renewable sources.