Saudi Arabia discovers 15 trillion cubic feet of gas in Jafurah field
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The quantity in the field has now reached 229 trillion standard cubic feet of gas and 75 billion barrels of condensate, citing the Kingdom’s Energy Minister Prince Abdulaziz bin Salman.
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Saudi Aramco engineers walk in front of a gas turbine generator at Khurais oil field during a tour for journalists, outside of Riyadh, Saudi Arabia on June 28, 2021. (AP)
According to the Ministry of Energy of Saudi Arabia, an additional 15 trillion standard cubic feet of gas was discovered by Saudi Arabian Oil Co. in the Jafurah Field.
The statement added that the amount includes 2 billion barrels of condensate.
The quantity in the field has now reached 229 trillion standard cubic feet of gas and 75 billion barrels of condensate, citing the Kingdom’s Energy Minister Prince Abdulaziz bin Salman.
Jafurah is the largest unconventional non-oil associated gas field in Saudi Arabia and according to Reuters, possibly the biggest shale gas development project outside of the US.
On its website, Saudi Aramco predicted output to reach 420 million cubic feet daily of ethane by 2030 while the field would produce around 630,000 barrels per day of gas liquids and condensates by that same year.
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Back in November, state-owned news agency SPA reported that Saudi Arabia will reduce its daily oil production by an additional 1 million barrels until the end of 2023, as part of its voluntary output cuts.
At the time, Saudi Arabia was in active negotiations with Beijing to price part of its oil supplies to China in Yuan, a move that would undermine the US dollar's domination of the global petroleum market and represent another turn by the world's top crude exporter toward Asia.
It is worth noting that US-KSA tensions rose after the whole of the OPEC+ oil cartel cut their oil outputs by millions of barrels per day in response to US pressure to increase the output in light of an ongoing energy crisis exacerbated by the sanctions on Russia.
Even though the world economy is currently doing better than it did in the 1970s, the World Bank issued a warning that the conflicts in the Middle East and Ukraine may force the world's commodity markets into uncharted territory.
