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Saudi to invest USD7b on shale projects

28 Jan 2015

(MENAFN) Saudi Arabia through its oil company Aramco said that they are planning to invest USD7 billion on its shale projects, as shale production becomes more important for the world’s long-term energy future, Arab News reported.

Aramco, which has already invested USD3 billion on developing its unconventional gas resources, said that these additional investments are very important as the world will soon be needing more energy resources for a growing population, adding that the economy will remain to be driven by oil and gas in the future, even with the diversification efforts.

“Saudi Arabia will be the next frontier after the US where shale and unconventional will make a contribution to our energy mix, especially gas,” Aramco’s President and CEO said in an energy conference.

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