The Saudi Ministry of Energy has announced a substantial increase in gas reserves at the Jafurah field, operated by state-owned Aramco, marking a significant boost for the country’s energy sector.
As per the Saudi Press Agency (SPA), the additional reserves comprise 15 trillion standard cubic feet of gas and two billion barrels of condensate.
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This discovery elevates the total resources at the field to 229 trillion standard cubic feet of gas and 75 billion barrels of condensate.
SPA, citing the country’s Energy Ministry, said the estimates of the newly discovered reserves have been certified by an independent consultancy specialising in resource and reserve assessment.
The Jafurah field, covering an area of approximately 17,000km², is considered one of Aramco’s most ambitious projects and is a key part of the company’s contribution to the energy transition.
Aramco has described Jafurah as the Middle East’s largest liquid-rich shale gas play, with significant potential to reduce emissions and provide feedstock for future lower-carbon fuels.
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By GlobalDataIn 2020, as reported by Reuters, the development of the Jafurah field was estimated to require investments of $110bn (SR412.5bn).
By 2030, the field is expected to produce more than 420 million standard cubic feet per day of ethane and approximately 630,000 barrels of natural gas liquids and condensates daily.
Last month, the Saudi Government directed Aramco to halt its oil expansion plans, maintaining a maximum sustained oil production capacity of 12 million barrels per day.
The Energy Minister highlighted that this decision aligns with the increasing importance of renewable energy sources in the global energy transition.
In a statement, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman noted: “I think we postponed the investment simply because… we are transitioning. And transitioning means that even our oil company, which used to be an oil company, became a hydrocarbon company. Now it is becoming an energy company.”
