Aramco Looks for Shale Gas, Won’t Seek Partners, CEO Tells Hayat

Saudi Arabian Oil Co. will explore for natural gas in shale rock formations in the kingdom to determine the extent of available resources, Chief Executive Officer Khalid al-Falih told al-Hayat.

The company, known as Saudi Aramco, won’t invite international oil companies to join as partners in the enterprise, al-Falih said in an interview with the newspaper. Saudi Arabia consumes 500,000 barrels of oil a day on average to generate power and to desalinate water, al-Falih was cited by the newspaper as saying.

Aramco’s Manifa oil field development is aimed at maintaining the company’s production at 12 million barrels a day as it slows output from older fields, al-Falih said. If Aramco were to pump crude from Manifa and older wells at full capacity, it could produce as much as 12.9 million barrels a day, al-Hayat cited him as saying.

To contact the reporter on this story: Tamara Walid in Dubai at twalid@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net

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