Saudi Aramco is undertaking a strategic analysis of its upstream operations, which may lead to the state-owned company bringing in outside investors to invest in some of its oil and gas properties.

The world's largest energy corporation is in early talks with advisors to assess its options. Aramco may investigate options such as selling stakes in some fields' operations or forming joint ventures with other large energy companies.

It could also form joint ventures to explore new gas reserves. Any agreement could help Aramco, which is at the heart of Saudi Arabia's economic development strategy, raise billions of dollars.

Aramco is unlikely to open up its most valuable oil reserves, but it could open up less vulnerable operations to investors.