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Saudi Arabian Oil Co (64EZ)

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Monday 24 February, 2020

Saudi Arabian Oil Co

Approval of the Development of Jafurah Gas Field

RNS Number : 8211D
Saudi Arabian Oil Company
24 February 2020


Saudi Aramco announces regulatory approval of the development of Jafurah gas field


Dhahran, Feb 22, 2020 -- Saudi Aramco today announces regulatory approval of the development of the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas field in the Kingdom of Saudi Arabia to date. The field development plan is subject to the Company's usual governance process.

Jafurah is the largest unconventional non-associated gas field in the Kingdom, with a length of 170 km and a width of 100 km.

The volume of gas resources in the field is estimated at 200 trillion cubic feet of rich raw gas, which will provide a valuable feedstock for the petrochemical and metallic industries.

The Company expects the field's production, to commence early 2024, to reach approximately 2.2 billion standard cubic feet per day of sales gas by 2036, with an associated approximately 425 million standard cubic feet per day of ethane, representing about 40 percent of current production. The Company also expects the field to produce approximately 550 thousand barrels per day of gas liquids and condensates.

Saudi Aramco plans to develop Jafurah in accordance with the highest environmental standards. The Company expects that the development of Jafurah would have a positive financial impact in the long term, which will start to show on the Company's financial results in phases concurrent to the field's development.


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