Saudi Aramco’s upstream gas projects received considerable scrutiny from analysts during the firm’s Q1 earnings call on 7 May. Aramco intends to boost gas output capacity 60% by 2030 from a 2021 baseline, and having dropped its crude oil expansion plans, this is now the firm’s major upstream growth area.
CFO Ziad al-Murshed emphasized throughout the call that the primary driver of the gas expansion project is to displace oil from power generation, in turn freeing these volumes up for export. “The bulk of the increase in gas production is going for domestic demand… [in particular] specific plans that are there to displace liquids that are being burned in specific regions in the country at specific power plants.” (CONTINUED - 844 WORDS)
