Saudi Arabia Will Be Second Shale Frontier, Says Aramco's Al-Falih
Al-Falih, who was elevated from Chief Executive to Chairman on Wednesday, said that the country is investing in shale and has identified three areas with strong shale gas potential.
“We're investing in shale gas. In fact, Saudi Arabia probably will be the second frontier for unconventional after the US. We have three areas in Saudi Arabia that we have identified as high potential for shale gas. One of them is in the northern part of the kingdom, close to the Jordanian border. That will come into production in 2016, 2017,” Al-Falih told the news agency in an interview.
Al-Falih added that close to 100 wells have already been drilled.
“We know that it is feasible technologically, and we will make it commercially feasible by continuing to invest,” Caixin quoted Al-Falih as saying.
In August last year, Reuters reported that four foreign firms, South Korea's GS Engineering and Construction, Italy's Maire Tecnimont, Japan's JGC and Canada's SNC-Lavalin, were also willing to work in Saudi Arabia’s unconventional gas space.