Saudi Arabia’s oil and gas giant, Aramco, has been given the go-ahead to launch the Jafurah shale gas field project, which will be the biggest shale gas development outside the U.S. The official reason is that the project will boost domestic gas supply and end the burning of oil at its power generation plants. The first reason is true by dint of the fact that it is a simple truism whilst the second is only partly true. It is extraordinarily unlikely to end Saudi Arabia’s oil burning at its power generation plants – given Saudi Arabia’s history of lying in this regard – but it may possibly reduce it. The core element that Saudi did not mention in its official comments on this issue is that the Kingdom will desperately need another primary energy source in the relatively near future because it has nowhere near the amount of oil […]