Saudi Aramco Targets 60% Surge in Gas Output by 2030

SEATTLE (Oil Monster): Saudi Arabia’s state-owned oil major Aramco announced big plans to boost its liquefied natural gas (LNG) output over the forthcoming years. The company targets to increase its gas production by nearly 60% before the end of the current decade.

The company expects demand to remain high for several years to come, despite warnings by the International Energy Agency (IEA) of possible demand crunch after 2030. Subsequently, the company has announced several big LNG investments this year.

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Earlier in 2023, Aramco had announced plans to boost its oil production from 12 million bpd to 13 million bpd by 2027. It had unveiled plans to invest approximately $40 billion during the five-year period from 2024 to 2028. However, earlier this year, it cut investments aimed at boosting crude output and instead shifted its focus to natural gas.

In line with the change in plan, the company had recently marked its entry into the international LNG market by purchasing a minority stake in MidOcean Energy. It has also signed contracts towards second phase of expansion of its Jafurah gas field and the third phase of expansion of its main gas network. In addition, it has also awarded 23 gas rig contracts.