Al-Falih: The world will be Saudi Aramco's 'playground'

Saudi Aramco will not only rely on its vast domestic reserves, but it will also venture out on global stage and compete with other players in energy exploration and production, the Kingdom’s energy minister and chairman of Saudi Aramco Khalid Al-Falih said on Tuesday, cited by Financial Times.

“We are no longer going to be inward-looking and focused only on monetizing the kingdom’s resources,” Al-Falih was quoted as saying by the newspaper.

“Going forward, the world is going to be Saudi Aramco’s playground,” he said, adding that overseas expansion would be a critical part of the company’s future.

When asked if Saudi Arabia plans to become an international energy player like Royal Dutch Shell or Exxon Mobil, pumping oil as well as gas overseas, Al-Falih said, “Correct”.

He compared Saudi Aramco’s exploration and production capabilities favorably with its global peers, saying, “We can stand shoulder to shoulder with anyone and outdo them.”

He said that in March the kingdom would reduce production to near 9.8 million barrels a day (mbd), from above 11 mbd in November. Exports would also fall to near 6.9 mbd, down from 8.2 mbd three months ago, the newspaper report added.