Gas: Saudi Arabia Aims to Overtake Algeria by 2030

Saudi Arabia wants to become one of the most important gas producers by 2030. This target was announced by Saudi Aramco, the Saudi national company. One of the world’s largest oil producers wants to grow in oil extraction and natural gas business. The stated goal is to increase production by more than 60% by 2030 compared to 2021.

Projects underway include: a gas storage facility at Hawiyah Unayzah, where methane injection work has begun to provide up to two billion standard cubic feet per day; the expansion of the Hawiyah gas compressor stations, which increases gas processing capacity by 800 million standard cubic feet per day; and the production of the first tight rock gas in the South Ghawar area.

Thus, by 2030, Aramco’s production will reach 16.5 billion cubic feet per day, equivalent to 170.5 billion cubic meters (bcm) per year. This is more than giants such as Norway (117 bcm) and Algeria (138 bcm) produce.

Aramco also announced its first international investment in liquefied natural gas (LNG) through the acquisition of a strategic minority stake in MidOcean Energy. This company produces LNG and is run by EIG, a Washington-based energy investment firm. The Saudi company is also actively working with renewable energy sources as part of national projects to increase the kingdom’s “solar resources.” An agreement was signed with the Public Investment Fund (PIF) and ACWA Power to build two large-scale PV plants with a total capacity of 2.66 GW.