Posted by : Aahil Shaik Sunday, February 23, 2020
$110 Billion Gas project to make Saudi Arabia as Gas exporter
Saudi Aramco to invest 110 billion dollars (412 billion Riyals) for development of unconventional natural gas field in the eastern Jafurah after which the Kingdom will turn into a gas exporter in the global market.
The Jafurah field at southeast of Ghawar is a largest conventional oil field of the world, As per estimation, it holds 200 trillion cubic fee of wet gas, and it will produce about 130,000 barrels of ethane in a day and 500,000 barrels of gas liquids and condensates in a day, representing 34% of the Kingdom's output. Read more : Saudi Arabia's biggest projects for reshaping the country
- Saudi Arabia's Crown Prince Mohammad bin Salman ordered over a meeting of the Saudi High Commission for Hydrocarbons, during which the plans of development were reviewed.
- Saudi Aramco is expanding its search of gas as a potential export to help reduce the Saudi's reliance on sales of oil, The Kingdom wants to use gas in the country as fuel in power stations and as feed stock for the production of petrochemicals, which is a high priority industry for the government in its strategy to diversify the economy. See Also : Salary deduction and delay rules in Saudi Arabia
- In 22 years, Jafurah would make 8.6 billion dollars in a year in income of Saudi and contribute 20 billion dollars a year to the Saudi Arabia's GDP. The development of Jafurah field is like to support the state run company, diverse the resources of Saudi Arabia's economic development.