RPT- #Saudi Aramco launches largest shale gas development outside U.S. - Reuters

RPT-Saudi Aramco launches largest shale gas development outside U.S. - Reuters:

Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday. 


The world’s top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States, which in just a decade have developed capacity to pump millions of barrels per day of oil from rock formations that were previously too costly to tap.

Saudi Arabia fought a price war aimed at putting the U.S. shale industry out of business just six years ago, which ultimately failed. Now, the country has adopted the techniques developed in U.S. fields - which started with gas - for the huge $110 billion Jafurah shale gas field project. Aramco said it received the go ahead for the project on Saturday.

If Aramco hits its targets for development of the field, Saudi Arabia would become the world’s third largest gas producer by 2030. The world’s top two gas producers are the United States and Russia.