Saudi Aramco was continuing to work on both its upstream and downstream projects without any cancellations, with its Khurais scheme expected to come online in 2018, the chief executive of the state-owned oil giant said.

Global oil majors and Saudi Arabia have been paring back investments to cope with the continuing lower oil price environment. The kingdom is the world’s largest exporter of crude oil.

"Until now, our projects are continuing in downstream, upstream, there are no projects that have been cancelled from our programmes," Amin Nasser told reporters on the sidelines of a finance event.

Asked if there will be any delay in exploration activities, Nasser said: "Exploration activities are continuing. We have one rig in the Red Sea in the shallow water."

He added work on the clean fuels project in Ras Tanura is ongoing, while the completion of the Khurais oil field expansion would be in 2018. Aramco revived bidding for the cleaner fuels project at its biggest oil refinery, sources familiar with the plan told Reuters last month, following speculation that lower oil prices would force the project’s cancellation.

Saudi Aramco is assessing the unconventional Jafurah gas basin which it says is promising, its CEO said as the world’s largest oil exporter plans to boost gas production for power and chemical industries.

Meanwhile, Saudi Aramco has launched its exploration campaign to look for unconventional gas in the northwest area, the Eastern Province and the Empty Quarter. Jafurah is in southeast of Ghawar, the world’s largest conventional oilfield.

"Our exploration efforts have resulted in finding big volumes of shale gas in the Jafurah Basin close to Ahsa, they are highly promising quantities and economically feasible as they contain a high rate of liquids; activities to evaluate the reserves are ongoing," Nasser told a conference.

"The recent unconventional gas field in the nearby Jafurah basin is very promising, we are still assessing its potential but it could be a game changer for Al Ahsa in terms of creating more opportunities new engines for growth," Nasser told an investment forum in Al Ahsa.

Nasser told the forum the focus is on manufacturing more speciality petrochemicals, instead of low-value basic petrochemical commodity. "However this downstream expansion will rely on a substantial expansion of our upstream gas."

Nasser said earlier this month that Aramco plans to double gas production to 23 billion standard cubic feet per day of gas in a decade.

At the event, he could not give a breakdown of how much of the new gas will go the petrochemicals sector.

As part of plans to boost local industry and create jobs, Saudi Aramco is also planning to develop an energy industrial city between Al Ahsa and Dammam which includes manufacturing oil and gas equipment and drilling centres for Aramco.