That will put a cat amongst lol13 Feb 2019 05:53
Saudi state energy giant Aramco reportedly intends to branch out into international oil and gas exploration.
Such a move, reported by the Financial Times, will see the company take on Exxon Mobil and Royal Dutch Shell.
Aramco has historically stuck to producing Saudi Arabia's vast, low-cost oil reserves, the world's second largest, CNBC explained.
But Saudi Energy Minister Khalid al-Falih now confirms in an interview with the Financial Times that the company will also look overseas for oil and natural gas prospects.
"We are no longer going to be inward-looking and focused only on monetizing the kingdom's resources," Falih told the FT. "Going forward the world is going to be Saudi Aramco's playground