Prince Mohammed says Jafurah field development to generate SAR 32 bln net income

Saudi Arabia's Crown Prince Mohammed bin Salman directed that the priority of allocating Jafurah field's production of gas and related liquids shall be given to the local sectors operating in industry, electricity, water desalination, mining, and others in line with Saudi Vision 2030.

The field development would over 22 years provide the Saudi government with an annual net income of SAR 32 billion ($8.6 billion), Prince Mohammed said during the Higher Committee for Hydrocarbons meeting.

It will also contribute SAR 75 billion ($20 billion) to the Kingdom’s gross domestic product (GDP) annually, and provide direct and indirect job opportunities for locals in those sectors, he added.

The committee said Jafurah field would be 170 km in length and 100 km in width. Jafurah deposits are estimated to hold 200 trillion cubic feet of wet gas.

Crown Prince Mohammed bin Salman also praised the efforts of Saudi Aramco in developing the field, with investments amounting to SAR 412 billion ($110 billion), adding the phased development of the field is expected to gradually increase production to 2.2 trillion cubic feet by 2036 if fully completed.

“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,” Prince Mohammed added.

The field is predicted to produce about 130,000 barrels per day (bpd) of ethane, representing about 40% of the current production, and about 500,000 bpd of gas liquids and condensates required for the petrochemical industries, representing about 34% of the current production.