Saudi Aramco was continuing to work on both its upstream and downstream
projects without any cancellations, with its Khurais scheme expected to
come online in 2018, the chief executive of the state-owned oil giant
said.
Global oil majors and Saudi Arabia have been paring back investments to
cope with the continuing lower oil price environment. The kingdom is
the world's largest exporter of crude oil.
"Until now, our projects are continuing in downstream, upstream, there
are no projects that have been cancelled from our programmes," Amin
Nasser told reporters on the sidelines of a finance event.
Asked if there will be any delay in exploration activities, Nasser
said: "Exploration activities are continuing. We have one rig in the Red
Sea in the shallow water."
He added work on the clean fuels project in Ras Tanura is ongoing,
while the completion of the Khurais oil field expansion would be in
2018.
Aramco revived bidding for the cleaner fuels project at its biggest oil
refinery, sources familiar with the plan told Reuters last month,
following speculation that lower oil prices would force the project's
cancellation.
Saudi Aramco is assessing the unconventional Jafurah gas basin which it
says is promising, its CEO said as the world's largest oil exporter
plans to boost gas production for power and chemical industries.
(Reuters)
(Reuters)
