Riyadh – Mubasher: Saudi oil minister Khalid Al Falih on Tuesday said that the Kingdom was carrying on with its investment projects, indicating that the Gulf nation was planning to transfer the dependence of 70% of water and electric utilities to natural gas in the coming period.
Speaking at the Future Investment Initiative (FII), held in Riyadh, Al-Falih noted that oil output could reach 120 million barrels per day in the coming 30 years.
We are keeping our eye on what is going on in global markets to see if we will continue raising energy production to 2 million barrels, the minister said.
“We are seeing significant flows returning, and not only in US shale, we’re also seeing offshore and onshore mega projects coming back. Producers must work together against volatility,” he said during the FII.
The kingdom is a major gas producer, Al-Falih said, noting that the country will continue working on its transformation in the energy sector and its economic diversification plans.
Organised by the Saudi Public Investment Fund (PIF), the FII runs from 23 until 25 October 2018.
