The Saudi cabinet hailed on Tuesday the announcement that the Jafurah non-associated, unconventional gas field will be developed with a $110 billion investment.
Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh.
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 demonstrated in last week’s announcement on the development of the Jafurah field.
Saudi Aramco said on Saturday it had received regulatory approval to develop the gas field and 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, with an associated 425 million cubic feet per day of ethane. The field would produce some 550,000 barrels per day of gas liquids and condensates.
Gas reserves in Jafurah, the largest unconventional non-associated gas field in the Kingdom, are estimated at 200 trillion cubic feet of raw gas, the company said in a statement.
Media Minister Turki al-Shabanah told the Saudi Press Agency that the cabinet praised Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, 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 in Riyadh with US Secretary of State Mike Pompeo. Talks 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 headed the Kingdom’s delegation at the event.
He expressed at the conference concern over the dangers threatening the security of the Arab Gulf states posed by the terrorist militias backed by the Iranian regime. He 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.