Saudi Aramco will invest $110 billion into developing the Jafurah gas field, the Saudi Press Agency reported, citing Crown Prince Mohammed bin Salman.
He noted that within 22 years, this development would earn a net income for the government of approximately $8.6 billion annually, providing gross domestic production with $20 billion annually, while creating job opportunities.
Aramco announced that it received regulatory approval to develop the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas field in Saudi Arabia.
The field is 170km long and 100km wide, with an estimated gas volume of 200 trillion cubic feet of rich raw gas, which it plans to use as feedstock for the petrochemical and metallic industries.
Jafurah is expected to start production in early 2024, according to an emailed statement from Aramco, reaching 2.2 billion standard cubic feet per day of sales gas by 2036, with an associated 425 million standard cubic feet per day of ethane, which represents approximately 40% of current production. Aramco also expects 550,000 barrels per day of gas liquids and condensates.
The crown prince said that gas and liquids allocation will be prioritised to local industry, electricity, water desalination, mining, and other sectors, which he said would help keep pace with Saudi Vision 2030.
