Thursday, 9 Apr 2020

KSA Ushering in Gas Era, by Developing Al-Jafoura Field, with trillions of Cubic Feet Reserves, HRH Crown Prince Directs to Give Priority in Allocating Production to Domestic Sectors Operating in Industries, Power Generation, Water Desalination, Mining

Riyadh Chaired by His Royal Highness Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, the Higher Committee for Hydrocarbons has held a meeting on 26 Jumada Al-Akher 1441 AH corresponding to 20/2/2020 AD, and has reviewed plans to develop the giant Al-Jafoura field, in the eastern region of the Kingdom of Saudi Arabia (KSA), which is the largest non-conventional and non-associate gas field, in the Kingdom, to be discovered with a length of 170 km and a width of 100 km.

The volume of gas resources in the field deposits is estimated at 200 trillion cubic feet of wet gas that contains gas liquids for the petrochemical industries and high-value capacitors.

HRH Crown Prince praised the efforts of the national company "Saudi Aramco" in developing the field, with investments amounting to $110 billion (SR 412 billion.)

Stages of its development will gradually increase the field's production of gas to reach on development completion to 2.2 trillion cubic feet per year, in 2036, that would represent about 25 percent of current production, HRH elaborated.

Because of the field's characteristics, it will be able to produce about 130 thousand barrels per day of ethane, representing about 40 percent of the current production, and about 500 thousand barrels per day of gas liquids and condensates required for the petrochemical industries, representing about 34 percent of the current production, .

HRH Crown Prince directed that the priority of allocating the field's production of gas and its liquids shall be given to the local sectors operating in industry, electricity, water desalination, mining and others, in order to keep pace with the ambitious growth rates according to the Kingdom Vision 2030.

HRH Crown Prince indicated that the development of the field would earn, within 22 years, from the beginning of its development, a net income for the government of about $8.6 billion annually (SR32 billion) and provides gross domestic product with an estimated $20 billion (SR75 billion) annually and leads to creating direct and indirect job opportunities for citizens in those sectors and others.

It will make the Kingdom one of the most important gas producers in the world, in addition to being the most important oil producer, HRH Crown Prince added. The development of the field, in addition to the Kingdom's programs in developing renewable energies, will achieve the best mix of energy consumption locally and support its record in protecting the environment and its sustainability.

HRH Crown Prince reaffirmed the keenness of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to continue the efforts of development and economic diversification and exploitation of comparative advantages, in the Kingdom, and strengthening of its leading position, in the global energy market.

Source: Saudi Press Agency

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