Saudi Aramco awards shale gas contract to Japan’s JGC
The exact value of the contract was not disclosed, although the value was estimated at as much as $200 million.
Saudi Aramco was initially expected to award the contract by end November 2014 and the project was aimed to be completed by December 2016, however, the bidding process was extended several times.
According to major oil officials in Saudi Arabia, the country’s shale gas production will reach to 20 to 50 million cubic feet per day in 2016, reaching 500 million cubic feet per day by 2018. Saudi Arabia targets to increase gas production to 4 billion cubic feet per day by 2025.
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