The Kingdom’s oil giant Aramco has signed $10 billion worth of contracts to kickstart the development of its massive Jafurah unconventional gas field.
The company said it signed 16 subsurface and Engineering, Procurement, and Construction (EPC) contracts with local and international companies, including US-based Schlumberger and Halliburton.
Other companies that signed contracts with Aramco include Baker Hughes, NESR, Saudi Taqa, Sinopec, Larsen and Toubro, and Saipem.
A total of $68 billion is expected to be spent over the first 10 years of the project’s development, Aramco said, as it anticipates more than $100 billion total lifecycle investment.
By 2030, the Saudi oil giant expects the Jafurah site to produce up to two billion standard cubic feet per day of sales gas, 418 million scfd of ethane, and around 630,000 barrels per day of gas liquids and condensates.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)