Aramco announces big gas, condensate find in Saudi Arabia
RIYADH, February 25, 2024
Saudi oil giant Aramco has announced that there has been a major jump in the volume of proven reserves of gas and condensate in its Jafurah unconventional field which has soared to 15 trillion standard cu ft of gas and two billion barrels of condensate.
With this find, the resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates, reported SPA citing the energy minister.
This landmark achievement is a result of Aramco's dedication and applying of the highest international standards in estimating and developing hydrocarbon resources," said Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy.
Jafurah is the kingdom's largest unconventional non-oil associated gas field and it is potentially the biggest shale gas development outside of the US.
In 2020, the Jafurah field was estimated to require investments of $110 billion.
Aramco President & CEO Amin H. Nasser said: "This achievement enhances the kingdom’s hydrocarbon wealth through proven reserves of gas, which is a vital resource for the energy and chemicals industries."
"Aramco’s upstream business is deploying state-of-the-art technologies including advanced modelling and artificial intelligence to make tangible progress in developing Jafurah, which is one of the company’s growth engines and an important economic resource for the Kingdom. The field represents a key element in our ambitious strategy to increase Aramco’s gas production," stated Nasser.
Work is currently underway to deliver production at Jafurah, with plans to ramp up to reach a sustainable sales gas rate of two billion scfd by 2030, in addition to significant volumes of ethane, Natural Gas Liquids (NGL) and condensate.
