Saudi state oil company Aramco wants to invest more than $110 billion in the Jafurah gas field and held initial talks with investors today. Bloomberg reports it. The Jafurah project is one of the largest unconventional gas fields in the world.
Aramco is looking for investors who may wish to contribute to the project in eastern Saudi Arabia. In particular, companies investing in infrastructure have been approached by the state oil company, which can offer stakes in assets such as carbon disposal, disposal projects, pipelines and hydrogen plants.
Due to the war, the demand for gas in Ukraine exploded, especially from European countries that normally received their gas from Russia. Gulf states have embarked on ambitious plans to increase their gas production.
Diversification
The Jafurah project plays a key role in Saudi Arabia’s strategy to diversify its energy exports beyond just oil. The Jafurah field is said to contain about 200 trillion cubic feet of gas, and Aramco aims to draw the first quantities in 2025. Over time, about 2 billion cubic feet per day will be sold by 2030.
Much of the gas produced will be used to produce blue hydrogen, Energy Minister Abdulaziz bin Salman said last year. In the process, emissions associated with hydrogen production are captured and stored within Saudi Arabia. This facilitates the export of the fuel as a source of clean energy.
Source: BNR
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