BP Plc (BP)

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Reuters: BP, Chevron talking gas deals with Saudis ahead of Aramco IPO

BP and Chevron (NYSE:CVX) are among international oil companies that have discussed gas venture opportunities with Saudi Arabia as part of the country's drive to diversify investments before the listing of energy giant Saudi Aramco, Reuters reports.

The kingdom has a long-term goal of increasing the use of gas for domestic power generation, thus reducing oil burning at home and freeing up more crude for export, which could help increase Aramco's valuation as it generates more revenue from exports than selling oil at lower domestic prices.

Aramco also has looked into investing in gas ventures abroad, including with Eni (NYSE:E), according to the report.