Saudi Aramco allocates $10 billion for shale drilling
Sources reported that Saudi Arabia is believed to have the world’s fifth-largest shale reserves in addition to its large reserves of conventional oil and gas.
According to reports, Saudi Aramco’s chief executive Khalid al-Falih revealed the company’s investments plants in domestic shale gas, commenting that American shale oil was "welcomed and needed" in order to ensure stable long term oil supplies.
Saudi Aramco is the world’s largest oil company in terms of crude production and exports, with a production capacity of 9.8 million barrels per day. According to Khalid’s statements, the company will continue to make investments ranging between $30 and $50 billion a year on crude, gas, and other petrochemical developments.
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