Saudi Aramco awards $10 billion contract to develop Jafurah gas field

RIYADH: Saudi Arabian Oil Company (Aramco) announced on Monday awarding a contract worth $10 billion to develop the vast Jafurah unconventional gas field, the largest non-associated gas field in the kingdom.

The capital expenditure at Jafurah is expected to reach $68 billion over the first 10 years of development, Aramco said in a statement.

With an estimated 200 trillion standard cubic feet of gas in place, the Jafurah basin hosts the largest liquid-rich shale gas play in the Middle East.

The development of Jafurah will positively contribute to the kingdom’s energy mix, and it has been made possible thanks to close co-operation between more than 17 different agencies, the Saudi Energy Minister Abdulaziz bin Salman said.

The project is a key component of the company’s long-term strategy and Aramco expects total overall lifecycle investment at Jafurah to exceed $100 billion.