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Saudi Aramco allocates $10 billion for shale drilling

by ChemOrbis Editorial Team -
  • 27/01/2015 (17:25)
According to media reports, Saudi Arabia’s state oil company Aramco has allocated an additional $7 billion for domestic shale gas drilling projects. The new investment brings the company’s total investment in domestic shale gas developments to $10 billion.

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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