Shell signs $2bn gas deal

Shell has signed a $2bn (€1.69bn) deal to explore a region of Saudi Arabia for gas.

In partnership with Total and the Saudi Arabian oil company, Shell will search 200,000 sq km in the southern region of Rub al-Khali.

Exploration will take five years and is the first collaboration between Saudi Arabia and a western oil company since the country nationalised its oil industry 25 years ago.

Shell, which owns 40% of the venture, believes that gas will overtake oil as the main source of energy in the world. The other two partners own 30% each.