Saudi Arabia’s national oil company has announced plans to pump $110 billion into a project that could turn the country into a major gas exporter by 2030.
Over the weekend, Saudi Aramco announced that it had secured regulatory approval for the development of Jafurah, Saudi Arabia’s largest unconventional gas field. Jafurah contains around 200 trillion cubic feet (5.7 trillion cubic metres) of gas in place and could eventually account for more than a third of the country’s total gas output, the company said.
According to Saudi Crown Prince Mohammed bin Salman, the development of Jafurah will eventually add $20 billion per year to the country’s GDP. The project will also generate revenues of $8.6 billion per year for the Saudi government, the prince said.