Saudi Ushering in Gas Era, by Developing Al-Jafoura Field, with trillions of Cubic Feet Reserves

(FILES) This file picture taken on May 18, 2009  shows a view of the Tawke oil field and plant that is linked with the Jihan Turkish pipeline in Zakho, 400km north of Baghdad.  Oil topped $100 per barrel on Monday January 31, 2011 for the first time since 2008, as traders fretted over violent unrest in Egypt that could disrupt the flow of oil through the Suez Canal on its way to the West.  London's Brent North Sea crude for delivery in March surged as high as $100.25 per barrel in late afternoon deals -- which marked the highest level since October 1, 2008. AFP PHOTO/SAFIN HAMED/FILES (Photo credit should read SAFIN HAMED/AFP/Getty Images)
(FILES) This file picture taken on May 18, 2009 shows a view of the Tawke oil field and plant that is linked with the Jihan Turkish pipeline in Zakho, 400km north of Baghdad. Oil topped $100 per barrel on Monday January 31, 2011 for the first time since 2008, as traders fretted over violent unrest in Egypt that could disrupt the flow of oil through the Suez Canal on its way to the West. London's Brent North Sea crude for delivery in March surged as high as $100.25 per barrel in late afternoon deals -- which marked the highest level since October 1, 2008. AFP PHOTO/SAFIN HAMED/FILES (Photo credit should read SAFIN HAMED/AFP/Getty Images)

Chaired by His RoyalHighness Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Deputy PrimeMinister and Minister of Defense, the Higher Committee for Hydrocarbons hasheld a meeting on 26 Jumada Al-Akher 1441 AH corresponding to 20/2/2020 AD, andhas reviewed plans to develop the giant Al-Jafoura field, in the easternregion of the Kingdom of Saudi Arabia (KSA), which is the largestnon-conventional and non-associate gas field, in the Kingdom, to be discoveredwith a length of 170 km and a width of 100 km.

The volume of gasresources in the field deposits is estimated at 200 trillion cubic feet of wetgas that contains gas liquids for the petrochemical industries and high-valuecapacitors. HRH Crown Prince praised the efforts of the national company "SaudiAramco" in developing the field, with investments amounting to $110billion (SR 412 billion.)

Stages of itsdevelopment will gradually increase the field's production of gas to reach ondevelopment completion to 2.2 trillion cubic feet per year, in 2036, that wouldrepresent about 25 percent of current production, HRH elaborated. Because ofthe field's characteristics, it will be able to produce about 130 thousandbarrels per day of ethane, representing about 40 percent of the currentproduction, and about 500 thousand barrels per day of gas liquids andcondensates required for the petrochemical industries, representing about 34percent of the current production, .

HRH Crown Princedirected that the priority of allocating the field's production of gas and itsliquids shall be given to the local sectors operating in industry, electricity,water desalination, mining and others, in order to keep pace with the ambitiousgrowth rates according to the Kingdom Vision 2030.

HRH Crown Princeindicated that the development of the field would earn, within 22 years, fromthe beginning of its development, a net income for the government of about $8.6billion annually (SR32 billion) and provides gross domestic product with anestimated $20 billion (SR75 billion) annually and leads to creating direct andindirect job opportunities for citizens in those sectors and others.

It will make theKingdom one of the most important gas producers in the world, in addition tobeing the most important oil producer, HRH Crown Prince added.

The development of thefield, in addition to the Kingdom's programs in developing renewable energies,will achieve the best mix of energy consumption locally and support its recordin protecting the environment and its sustainability.

HRH Crown Princereaffirmed the keenness of the Custodian of the Two Holy Mosques King Salmanbin Abdulaziz Al Saud to continue the efforts of development and economicdiversification and exploitation of comparative advantages, in the Kingdom, andstrengthening of its leading position, in the global energy market.

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