Jan 19 2012 |
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Saudi Aramco:Low Domestic Gas Price Challenge For Expansion-Report
Thursday, Jan 19, 2012
BEIRUT (Zawya Dow Jones)--The greatest challenge facing Saudi Arabian Oil Co.'s plans to expand its natural gas investments is the low domestic gas price, Saudi-based Al Eqtisadiah daily reports Thursday citing the firm's top executive.
"We hope the government finds a solution to this [problem]," the paper reports, citing Khalid Al Falih, chief executive officer at the state-run oil giant, better known as Saudi Aramco .
Saudi Aramco is developing its natural gas resources but demand is growing at a faster pace than exploration, Al Falih told Al Eqtisadiah.
The development of the Arabiyah and Hasbah [offshore non-associated gas] fields is under way and both projects are expected to be completed in 2014, Al Falih told Al Eqtisadiah. Each of the fields will have a capacity of more than 1.8 billion cubic feet a day, he added.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-01-12 0835GMT
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