Saudi Aramco has awarded $10 billion worth of contracts to local and international partners that mark the beginning of the development of its massive Jafurah shale gas field. Those awards include 16 subsurface and engineering, procurement, and construction (EPC) contracts signed with companies such as Schlumberger, Halliburton, Baker Hughes, Saipem, Sinopec, NESR, Saudi Taqa, and Larsen and Toubro.
Aramco said it expected to spend $68 billion over the first ten years of the project’s development and anticipates over $100 billion total lifecycle investment. The state-owned oil giant plans to start production in the field in 2024 and expects to pump about 2 Bcfd of gas by 2030. CEO Amin Nasser noted that Jafurah gas would support the kingdom’s plan to stop burning crude and fuel oil to generate power and to develop blue hydrogen production. This is part of Saudi Arabia’s efforts to achieve net-zero carbon emissions by 2060.
Tags: AlwaysFree,Crude Oil,English,Gas,Middle East,Saudi ArabiaPublished on December 1, 2021 6:15 PM (GMT+8)
Last Updated on December 1, 2021 6:15 PM (GMT+8)