Saudi Arabia announced a multi-billion dollar investment plan to develop the Al-Jafoura Field in the Eastern Province, which holds trillions of gas resources in the vast reserves
The Higher Committee for Hydrocarbons, in a meeting chaired by Crown Prince Mohammad Bin Salman, revealed plans to develop the Al-Jafoura Field, which is 170 km long and 100 km wide and is estimated to contain 200 trillion cubic feet of liquid gas.
Saudi Aramco will invest $110 billion (SAR412bn) developing the field which will eventually increase gas production to 2.2 trillion cubic feet in 2036, which would represent about 25 percent of current production.
Saudi Press Agency said the gas field will be able to produce about 130,000 bpd of ethane, forming approximately 40 percent of the current production and some 500,000 bpd of gas liquids and condensates that are necessary for petrochemical industries, representing about 34 percent of the current production.
Prince Mohammad said 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 outlined in the Kingdom Vision 2030.
He said 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 provide GDP with an estimated $20 billion (SR75 billion) annually, which would lead to the creation of direct and indirect job opportunities for citizens.
“It will make the Kingdom one of the most important gas producers in the world complementing the Kingdom’s position as the most important oil producer,” Prince Mohammad said.
“The development of the field along with the Kingdom’s programs in developing renewable energies will achieve the best mix of energy consumption locally and support its record in protecting and sustaining the environment,” he added.