ET:Saudi Arabia says it discovers gas but will not immediately exploit
RIYADH: Saudi Arabia has discovered commercially viable quantities of natural gas in the Red Sea and Empty Quarter, but has no plans to immediately start production, Oil Minister Ali al-Naimi said in a speech delivered on his behalf on Monday.
The world's top oil exporter will continue to explore the country for tight gas and heavy oil for future energy needs, according to the speech read by Naimi advisor Ibrahim Muhanna in Riyadh.
"Although we continue to explore the kingdom's oil and gas potential resources, this does not mean we will immediately start production from the newly discovered fields, rather it only means determining resources available in the kingdom for future use when needed," Muhanna read.
The speech also said Saudi Arabia will keep its oil production rates in synch with market requirements and global demand.
