Informed sources confirmed that Saudi Aramco is considering taking a bold step by opening one of the largest unconventional gas fields in the world to foreign investors, as it is looking to provide financing for the project, which is worth $110 billion.
The sources said: The company is working with a consultant to explore the sale of shares or debt to develop the vast Al-Jafurah field, and has started preliminary talks with potential investors.
The sources, who requested anonymity, pointed out that the consultations are still in their early stages, and Aramco may decide to pursue other ways to raise funds to finance the development of the field.
Any agreement on Al-Jafurah would be a rare precedent for Aramco when it allows outside investors the opportunity to own stakes in its oil and gas assets.
The Jafurah field is a priority for Saudi rulers, as they look to increase gas production and reduce dependence on crude oil exports. It is estimated that the site contains 200 trillion cubic feet of rich raw gas. Aramco expects to start production there in 2024.
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