JEDDAH, Saudi Arabia, Nov. 21 (UPI) — Saudi Arabia is fast-tracking its first major offshore natural gas fields in the Red Sea, a high-priority project that’s seen as the start of a massive new energy program, off the kingdom’s west coast. The objective is to produce gas for power-generation to free up for export growing volumes of oil that are being used domestically to cope with a growing domestic demand. The kingdom’s giant state oil company, Aramco, has not disclosed any estimate of the Red Sea’s potential yet, “but there could be up to 100 billion barrels of oil equivalent under the sea bed,” observed analyst Persian Gulf analyst Kevin Baxter. That’s about equal to a 38 percent increase in the kingdom’s state oil reserves of 267 billion barrels, the largest in the world and overwhelmingly located on land in the Eastern province on the shores of the gulf […]