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Hind Al Soulia - Riyadh - RIYADH — Saudi Arabia ushered in a new era in their growth story by adding an another dimension in their energy mix by developing the giant Al-Jafoura Field in the Eastern Province, which holds trillions of gas resources in the vast reserves, Saudi Press Agency (SPA) said Friday.
The Higher Committee for Hydrocarbons, in a meeting presided over by Crown Prince Muhammad Bin Salman — deputy premier and minister of defense on Feb. 20, 2020, dealt with the plans for developing the Al-Jafoura Field.
Al-Jafoura Field, which is 170 km long and 100 km wide, is deemed the biggest non-associated and non-conventional reserve to be discovered in the Kingdom. The volume of gas resources is estimated at approximately 200 trillion cubic feet of liquid gas, which is used in petrochemical industries and high value condensates.
The Crown Prince praised Saudi Aramco’s efforts in developing the field with investments reaching $110 billion (SR412 billion). The stages for developing the field will lead to gradually increasing gas production to 2.2 trillion cubic feet in 2036. This forms 25 percent of the current production.
The gas field, with its unique characteristics, will be able to produce about 130,000 bpd of ethane, forming approximately 40 percent of the current production and some 500,000 bpd of gas liquids and condensates that are necessary for petrochemical industries, forming 34 percent of the current production.
The Crown Prince has also issued directives that the priority of allocating the field's production of gas and liquids should be to the local sectors in industry, electricity, water desalination, mining, and others in order to keep pace with the ambitious growth rates set out by Vision 2030.
He said that the development of the field would achieve a net income for the government of nearly $8.6 billion annually (SR32 billion) for the first 22 years, while in addition to adding nearly $20 billion (SR75 billion) annually to the Kingdom’s Gross Domestic Product (GDP) and creating direct and indirect job opportunities for citizens.
“It will make the Kingdom one of the most important gas producers in the world complementing the Kingdom’s position as the most important oil producer,” he said.
“The development of the field along with the Kingdom's programs in developing renewable energies will achieve the best mix of energy consumption locally and support its record in protecting and sustaining the environment,” the Crown Prince added.
Prince Muhammad affirmed the keenness of the Custodian of the Two Holy Mosques King Salman to continue the efforts of developing the country and diversifying the economy.
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