Saudi Aramco needs $150 billion investment for gas production plans

Saudi Aramco will need investments of $150 billion over the next decade, if it is to realise its strategy of transforming the kingdom into an exporter of gas.

The energy giant has pushed for a new strategy, amid a time of low oil prices and the freezing of an unpopular plan for the part-privatisation of Saudi Aramco.

CEO Amin Nasser told a conference in Dubai that Saudi Aramco aims to boost production from 14 billion standard cubic feet (scf) a day to around 23 billion scf, which will transform the kingdom into a gas exporter.

"Our gas programme... will attract investments of about $150 billion over the next decade," he told the conference, according to Reuters. "We also have world-class unconventional gas resources that are rapidly supplementing our large conventional resources."

Despite Saudi Arabia having large gas reserves, much of it is used for domestic production.

"We have plans to create an integrated international gas business, which is backed by the vast conventional and unconventional domestic resources," Nasser said.

Saudi Aramco is the kingdom's main driver of wealth, but has suffered in recent years following low oil prices with the company looking to expand into other areas, particularly in related chemical and manufacturing industries. 

Saudi Aramco plans to invest $100 billion into chemical industries in the coming years.

The collapse of a planned IPO for the energy giant was a major blow for Crown Prince Mohammed bin Salman's planned economic reforms.

Earlier this month, it was reported that Saudi Aramco was drawing up plans for a post-OPEC future, particularly as expectations rise of growing volatility in the oil market.