27 Oct '12, 3pm

#peakoil Major natural gas find by Saudis. A shift ahead?: Saudi Arabia has announced that they made a major new...

#peakoil Major natural gas find by Saudis. A shift ahead?: Saudi Arabia has announced that they made a major new...

The Saudis aren’t expected to allow their main source of about 80 percent of their export revenue to be eaten away by domestic electricity production; they will eventually substitute other sources of energy for the oil they currently use to produce electricity. If this natural gas find is a sign that Saudi Aramco has begun efforts to explore and exploit its gas reserves, this could mark a signal that the country is accelerating its efforts to switch its electricity fuel from valuable oil to the more economically friendly natural gas. Given Saudi Arabia’s vast reserves of oil, the geological fact that oil and gas often exist in close proximity, and their close proximity to Qatar ‘s giant North Dome field, we could quickly see Saudi Arabia move up world rankings in terms of proved reserves and production.

Full article: http://peakoil.com/geology/major-natural-gas-find-by-saud...

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