Saudi Aramco is in initial talks with potential equity investors for its planned $110bn Jafurah gas project in the Eastern province of Saudi Arabia, reported Bloomberg News, citing people familiar with the matter.

Through the deal, the state-controlled company intends to fund the development of midstream and downstream projects at the Jafurah unconventional gas field, which is said to be the country’s largest unconventional non-associated gas field.

As per the estimates, the Jafurah field holds approximately 200 trillion cubic feet of rich raw gas.

Aramco has contacted undisclosed private equity firms and other large funds as part of its plans, which would involve the sale of stakes in assets such as carbon capture and storage projects, hydrogen plants, and pipelines, according to the people.

For the proposed plans, American investment banking company Evercore is serving as the adviser to Aramco.

The Jafurah field is expected to contribute to the country’s plan to diversify its energy exports.

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Planned to start production in 2025, the field is expected to have approximately two billion standard cubic feet per day of sales by 2030.

In 2020, Aramco secured regulatory approval for the development of the Jafurah unconventional gas field.

At that time, the firm said the field could produce nearly 550,000 barrels per day of gas liquids and condensates.

The firm said in a statement: “The company expects that the development of Jafurah would have a positive financial impact in the long term, which will start to show on the company’s financial results in phases concurrent to the field’s development.”