FX.co ★ Saudi Aramco launches largest shale gas development

In Saudi Arabia, oil and gas production has always been of primary importance. The governmental control in this sphere is resulting in a constant increase of the state budget. Saudi Aramco is the world’s biggest state-owned oil company in Saudi Arabia. The leading oil and gas producer of the kingdom has received an approval to develop Jafurah, the world's biggest shale gas field outside the US.
Gas reserves in Jafurah are estimated at 200 trillion cubic feet (around 56.6 billion cubic meters) of raw gas. This amount will provide valuable feedstock for the petrochemical and metallic industries of the country.
According to the plan, Aramco will start production in 2024. Moreover, the gas output is expected to reach 2.2 billion cubic feet per day (around 62.3 million cubic meters) by 2036.