Saudi Arabia joins shale gas economy

October 14
7:14 PM 2013

Saudi Arabia is now deep in preparations to become one of the first countries outside North America to utilize shale gas for power generation purposes. This would effectively extend its precious oil reserves exclusively for export purposes.

Moved by the current shale gas boom in North America, which had turned the US into a budding exporter of the product from being the world's largest importer, the Gulf kingdom had laid out plans to exploit the large availabilty of the same mineral deposits.

According to Saudi Aramco CEO Khalid al-Falih at the recent World Energy Congress held in South Korea, "We are ready to start produccing our own shale gas and unconventional resources in various types in the next few years and deliver them to consumers." 

Falih added, "Only two years after launching our own unconventional gas program, in the northern region of Saudi Arabia, we are ready to commit gas for the development of a 1,000 megawatt power plant which will feed a massive phosphate mining and manufacturing sector."

Through the utilization of the said gas reserves, Saudi Araba can use the fuel to power its domestic economy and allow more room for oil sales in the world markets.

© 2023 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics