Saudi’s Aramco Plans Natural Gas Production Near Jordan - Bloomberg

Saudi’s Aramco Plans Natural Gas Production Near Jordan - Bloomberg:



"Saudi Arabian Oil Co. plans to start natural gas production at a field near Jordan next year as the world’s biggest crude exporter is “investing big in gas,” Chief Executive Officer Khalid Al-Falih said.



“Results are extremely encouraging” at the field in northern Saudi Arabia, Al-Falih said at the World Economic Forum in Davos, Switzerland, yesterday. The state-owned producer, known as Aramco, is exploring for gas and boosting refining capacity to free more crude for export, he said.



Middle Eastern oil producers are expanding gas exploration to meet demand for fuel in power plants and feedstock to make chemicals. Oil has dropped 55 percent in the past year as the Organization of Petroleum Exporting Countries led by Saudi Arabia resisted production cuts and growth in U.S. shale oil output surged to a three-decade high."



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