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.
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