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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

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Saudi Arabia announces major gas discovery in Jafurah

Aramco is one of the world’s leading energy and chemicals' companies.
  • The Saudi energy minister said that reserves at Jafurah had reached 229trn cubic feet of gas and 75bn barrels of condensates
  • The Jafurah gas field, in Saudi Arabia's eastern province, is the largest liquid-rich shale gas play in the Middle East

Riyadh, Saudi Arabia–Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco’s Jafurah field, in addition to 2 billion barrels of condensates.

Reserves at Jafurah had reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, Prince Abdulaziz said in a statement on Saudi Press Agency (SPA).

A reputed independent consulting company, specialized in authenticating resources and proven reserves, has approved the estimates, he added.

Located in Saudi Arabia’s Eastern Province, the Jafurah Gas Field is the largest liquid-rich shale gas play in the Middle East, containing an estimated 200 trillion standard cubic feet (scf) of natural gas.

In November, Saudi Aramco also began the production of unconventional tight gas from its South Ghawar operational area, two months ahead of its schedule. 

Unconventional tight gas, also known as shale gas, is typically found in reserves where hydrocarbons are tightly trapped within rock layers.  

Extracting this resource demands specialized techniques like horizontal drilling and hydraulic fracturing. 

The commissioned facilities at South Ghawar currently have a processing capacity of 300 million scf per day for raw gas and 38,000 barrels per day for condensate.