Saudi Aramco signs $25 billion gas production expansion contracts | Economy

The CEO said,Aramco Saudi Aramco Amin Nasser said the company has signed contracts for the second phase of the Jafurah field expansion project and the third phase of its main gas network expansion project, worth more than $25 billion.

And seek Saudi Arabia To develop its unconventional gas reserves, which requires advanced extraction methods such as those used in the shale gas sector.

Jafurah is the largest unconventional, non-associated gas field in Saudi Arabia, and is likely to be the largest shale gas development project outside the United States, with reserves of 229 trillion cubic feet of gas and 75 billion barrels of condensate.

“By producing 2 billion cubic feet per day of natural gas by 2030, this bold initiative will strengthen Saudi Arabia’s position as one of the world’s largest gas producers,” Nasser said, speaking Sunday from Dhahran, eastern Saudi Arabia, during a signing ceremony for the field’s expansion and main gas network.

He added that the expansion of the main gas network means extending an additional 4,000 kilometers of pipelines, which increases production capacity by about 3.2 billion cubic feet per day and connects several cities across the Kingdom to the network.

Al-Nasser considered that the gas contracts demonstrate Saudi Arabia’s conviction in the future of gas as an important and growing source of energy in the world (Reuters)

Project momentum

Companies awarded contracts for the expansion in Jafurah included a consortium including Hyundai Engineering & Construction, while Chinese energy giant Sinopec was among the companies involved in the expansion of the main gas network.

Al Nasser explained that there is a very large momentum in Saudi Aramco’s projects and capital investments as part of its growth strategy, which is positively reflected in the vitality and sustainability of the energy industry in the Kingdom, stressing that expansion in the gas sector is one of the most important growth drivers in the company.

He said: “These contracts demonstrate our firm conviction in the future of gas as an important and growing source of energy in the world, as well as a vital raw material for the refining, chemicals and marketing sectors. It demonstrates the size of our continued investments in developing the giant Jafoura field, which is considered one of the pearls of shale gas in the world, as well as our investment.” In the third expansion of the main gas network, we sought to enhance the integration of our gas business, diversify our business portfolio, and create new job opportunities that support our ambitious national vision, including supporting the Kingdom’s transition towards a low-emission electricity network, where gas and renewable energy sources gradually replace oil and liquid fuels. In generating electricity, making large quantities of liquid fuel available for export.

He stated that these giant projects are being implemented with a major contribution to increasing the localization of the industry, raising the percentage of local content, and generating jobs for Saudis, appreciating the broad partnership of suppliers and service providers for what they have shown of seriousness and the ability to innovate to build and expand the energy infrastructure at a global level.

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