Saudi Arabia to Invest $110 Billion in Jafurah Gas Field - Bloomberg:
Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency.
Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission for Hydrocarbons on Thursday during which the development plans were reviewed, the agency reported late Friday. The field is estimated to hold 200 trillion cubic feet of wet gas (about 5.7 trillion cubic meters) and its phased development is expected to begin production in 2024, gradually increasing output to 2.2 trillion cubic feet by 2036, it added.
Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said in a separate statement on Saturday that the development of the Jafurah field is meant to support the state-run company’s “diverse resources and the kingdom’s economic development.”
Jafurah will be able to produce about 130,000 barrels a day of ethane, representing about 40% of the kingdom’s current production and about 500,000 barrels a day of gas liquids and condensates, representing about 34% of the country’s output.
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