Saudi Aramco is reaching out to potential investors for its $110 billion Jafurah gas development, Bloomberg reported, citing people familiar with the matter. Earlier this year, Saudi Aramco confirmed a phased development approach for its giant Jafurah unconventional onshore gas project, which is expected to produce up to 2 billion cubic feet per day of gas by 2030.
According to Bloomberg, the state-owned company is seeking equity investors that could help fund the development of midstream and downstream projects at Jafurah in the east of the kingdom.
Aramco has reached out to private equity firms and other large funds that invest in infrastructure as part of the plans, which could offer stakes in assets such as carbon capture and storage projects, pipelines and hydrogen plants, Bloomberg reported.
According to Aramco CEO Amin Nasser, the unconventional gas project is part of the country’s long-term strategy, which aims to boost gas production to free up almost 1 million barrels per day of oil from domestic use, boosting export capacity.
“The facility for the gas plant will come in two phases. The first phase would come in 2025. And the second phase will come on stream by 2027,” Nasser said in a statement while reporting Aramco’s second-quarter results in August 2022.
