Saudi Arabia to Develop Jafurah Unconventional Gas Field with $110 Bln Investment
Saudi Arabia's Jafurah non associated, unconventional gas field will be developed with a $110 billion investment, reported the Saudi Press Agency.
Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, chaired a meeting of the Saudi High Commission for Hydrocarbons where he was informed of the plans.
The field's gas volume resources in its reservoirs is estimated at 200 trillion cubic feet of wet gas and will provide net income of $8.6 billion annually, according to the state news agency.
Crown Prince Mohammed hailed Saudi Aramco for developing the field, saying it will help transform Saudi Arabia into one of the world’s leading gas producers.
He also noted that the stages of its development will gradually increase the field's production of gas to reach on development completion to 2.2 trillion cubic feet per year, in 2036, that would represent about 25 percent of current production,
Jafurah is southeast of Ghawar, the world's largest conventional oilfield and it will be able to produce about 130 thousand barrels per day of ethane, representing about 40 percent of the current production, and about 500 thousand barrels per day of gas liquids and condensates required for the petrochemical industries, representing about 34 percent of the current production.
The Crown Prince directed that the priority of allocating the field's production of gas and its liquids shall be given to the local sectors operating in industry, electricity, water desalination, mining and others, in order to keep pace with the ambitious growth rates according to the Kingdom Vision 2030.
He also said that the development of the field would earn, within 22 years, from the beginning of its development, a net income for the government of about $8.6 billion annually (SR32 billion) and provides gross domestic product with an estimated $20 billion (SR75 billion) annually and leads to creating direct and indirect job opportunities for citizens in those sectors and others.