Inspenet, May 7, 2023
Saudi oil company Saudi Aramco is seeking partners for an ambitious natural gas project in Jafurah, one of the world’s largest virgin fields, located in Saudi Arabia. The company has started talks with companies like Sinopec and Total Energy to raise $10 billion to finance the project.
This project is part of the Saudi export diversification strategy, which seeks to exit the oil market and explore other sources of energy. Jafurah, with its 200 trillion square feet of natural gas, has become an essential target in reaching that goal.
To achieve this, Aramco is seeking to build liquefied natural gas (NGL) processing and export facilities, and to do so it needs the help of investors who can finance intermediate and downstream projects in the development of Jafurah.
Jafurah, the gas field that makes Aramco a key player in the energy market
Natural gas production at Jafurah will begin in 2025, and by 2030, the company’s goal is to achieve daily sales of more than 2 billion cubic feet. In addition, Aramco has been in talks with infrastructure investing private equity firms to offer stakes in projects including carbon capture and storage facilities, pipelines and hydrogen production facilities.
Financial support is pouring in from various sources, including investment bank Evercore, demonstrating the interest and importance of the project not only for Aramco, but also for the Saudi economy and the global energy sector.
Source: https://petroleumag.com/aramco-busca-socios-para-un-proyecto-de-gas-de-10-000-mm/
Cover photo: Editorial credit: rarrarorro / Shutterstock.com
Internal photo: Ahmad El Itani / Saudi Aramco / AFP
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