The Saudi cabinet hailed on Tuesday the announcement that the Jafurah non-associated, unconventional gas field will have an investment of $110bn.
Saudi King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh.
Benefiting different resources
The ministers stressed the Kingdom’s commitment to diversifying its economy; benefiting from its resources and bolstering its pioneering position in the global energy market. This was clear in last week’s announcement on the development of the Jafurah field.
Saudi Aramco said on Saturday it received regulatory approval to develop Jafurah gas field. It expects production to start in early 2024. It said output would reach around 2.2 billion cubic feet per day of sales gas by 2036. Besides, an associated 425 million cubic feet per day of ethane. The field would produce some 550,000 bpd of gas liquids and condensates.
Saudi Arabia’s largest unconventional non-associated gas field
Gas reserves in Jafurah, the largest unconventional non-associated gas field in the Kingdom, reach 200 trillion cubic feet of raw gas.
Media Minister Turki al-Shabanah told SPA that the cabinet praised Crown Prince for ordering that the development of the field should be invested in local industry, energy, mining fields and others. This will fall in line with the development goals set by the Kingdom’s Vision 2030.
King Salman also briefed the cabinet on the discussions he held last week with US Secretary of State Mike Pompeo.
Talks also tackled regional and international developments and efforts exerted towards them.
Furthermore, the ministers highlighted Saudi Arabia’s stance at the disarmament conference held on the sidelines of the 43rd Human Rights Council session in Geneva.
Foreign Minister Prince Faisal bin Farhan bin Abdullah also headed the Kingdom’s delegation at the event.
He expressed concern over the dangers threatening the Arab Gulf states posed by the Iranian-backed terrorist militias.
He also condemned the international community’s silence over Tehran’s ongoing hostile practices and support for such groups.
Moreover, he noted that Tehran’s continued reduction of its commitments to the 2015 nuclear deal is evidence that its nuclear program was never peaceful.