Saudi Arabia discovers large quantities of gas in Red Sea
Saudi Aramco has made a strong push towards growing its gas portfolio
Saudi state news agency SPA announced that large quantities of gas have been discovered in the Red Sea, quoting the nation's energy minister Khalid Al-Falih.
He said that Saudi Aramco plans to conduct feasibility studies of the project and subject to the results of that study could intensify exploration in the area over the next two years.
Saudi Aramco has repeatedly emphasised the importance of gas acquisitions and developments for the future of the company and the nation, and has plans to acquire gas assets in North America. It has also increased investment into the downstream sector.
In a fervent speech, Saudi Aramco CEO Amin Nasser pinpointed five key areas that demand the industry's "urgent, collective effort," including lightening the industry's carbon footprint. Read the highlights of the speech in our roundup.