Saudi Aramco mulls cost-cutting measures, earmarks billions for shale drilling
Saudi Arabia The announcement comes several days after the company reportedly asked oilfield services companies operating in Saudi Arabia to start offering discounts. Speaking on the condition of anonymity, industry sources said Saudi Aramco had in some cased requested discounts of up to 20 percent.
Al Falih also told reporters that Saudi Aramco would be pouring another $7 billion into unconventional shale gas drilling efforts, more than doubling the company’s investment to date. According to estimates by Baker Hughes, Saudi Arabia boasts around 19 tcm (645 tcf) of technically recoverable shale gas reserves. Conventional gas reserves total 8.2 tcm (290.8 tcf).
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