Saudi Aramco Secures $25 Billion Contracts For Jafurah Gas Project

Saudi Aramco, a leading energy company in the world has awarded $25 billion worth of contracts for the development of its Jafurah gas project to increase production capacity and cut emissions that contribute to global warming, as per sources.

The contracts that were presented include $12.4 billion for increasing production at the Jafurah gas field and $8.8 billion for expanding the master gas system, which delivers natural gas to buyers across the nation. Gas rig contracts worth $2.4 billion were also awarded by Aramco, as per company statement,

“These contract awards demonstrate our firm belief in the future of gas as an important energy source, as well as a vital feedstock for downstream industries,” reported Bloomberg quoting Amin Nasser, chief executive officer of Aramco from a company statement on Sunday.

Saudi Arabia has the greatest gas reserves across the globe, and the improvement of such a reserve in the Jafurah field, which is assessed to hold 200 trillion cubic feet of flammable gas will cost almost $100 billion. This will expand Aramco's natural gas production more than 60% by 2030 which is important for the rising interest, as indicated by the company executive.

“The scale of our ongoing investment at Jafurah and the expansion of our Master Gas System underscores our intention to further integrate and grow our gas business to meet anticipated rising demand,” said Nasser.

The nation's domestic industries will be supplied with the natural gas produced by the project. Any excess capacity will likely be used to produce blue hydrogen or exported to other nations as Liquid Natural Gas (LNG), as per aramco.