Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion
(Bloomberg) -- Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions.
The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, which delivers natural gas to customers around the country, according to a statement. Aramco also awarded $2.4 billion in contracts for gas rigs.
Saudi Arabia has some of the biggest gas reserves in the world. Development of the Jafurah field, estimated to hold 200 trillion cubic feet of gas, is expected to cost $100 billion and boost the firm’s gas production more than 60% by 2030.
“These contract awards demonstrate our firm belief in the future of gas as an important energy source, as well as a vital feedstock for downstream industries,” Aramco Chief Executive Officer Amin Nasser said in Sunday’s statement.
“The scale of our ongoing investment at Jafurah and the expansion of our Master Gas System underscores our intention to further integrate and grow our gas business to meet anticipated rising demand,” he added.
Gas from the project will be used in the first instance to supply the country’s domestic industries, with any excess capacity potentially used to make blue hydrogen or exported as LNG, Aramco has said.
©2024 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news
![BloomburgMedia_SFL4RPT0AFB400_25-06-2024_16-00-09_638548704000000000.jpg](/media/yg4jjc4g/bloomburgmedia_sfl4rpt0afb400_25-06-2024_16-00-09_638548704000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133638048095530000&format=webp)
Barclays CEO Says Bank Can’t Go ‘Cold Turkey’ on Oil Clients
Jun 25, 2024![Energy Connect Story Thumbnail](/images/default/gas-and-lng.jpg?anchor=center&mode=crop&width=240&height=135&format=webp)
GIP, Snam Said to Mull Exit From $21 Billion Adnoc Gas Pipe Unit
Jun 24, 2024![Totalenergies (5)](/media/2jrkcvan/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132942325437870000&format=webp)
TotalEnergies launches Ubeta Gas Development to supply Nigeria LNG plant
Jun 24, 2024![ENERGEAN STOCK](/media/csikqzmx/energean-stock.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133504992345830000&format=webp)
Energean announces strategic sale of Egypt, Italy, and Croatia portfolio to Carlyle
Jun 24, 2024![GE VERNOVA LGE](/media/qvlgtnlz/ge-vernova-lge.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133576393527730000&format=webp)
GE Vernova secures gas turbine and services order for Taiba 1 and Qassim 1 power plants in Saudi Arabia
Jun 24, 2024![BloomburgMedia_SFEPZUT1UM0W00_21-06-2024_12-00-07_638545248000000000.jpg](/media/llzlr4ez/bloomburgmedia_sfepzut1um0w00_21-06-2024_12-00-07_638545248000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133634448070500000&format=webp)
Woodside Says Still Focused on New Energy After Leadership Tweak
Jun 21, 2024![BloomburgMedia_SFBOSWT0G1KW00_20-06-2024_16-00-06_638544384000000000.jpg](/media/1a0bqz35/bloomburgmedia_sfboswt0g1kw00_20-06-2024_16-00-06_638544384000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133633728069630000&format=webp)
EU Agrees First Russia Sanctions Hitting Some LNG Shipments
Jun 20, 2024![BloomburgMedia_SFDIG6T0AFB400_23-06-2024_18-57-04_638546976000000000.jpg](/media/dagliqxp/bloomburgmedia_sfdig6t0afb400_23-06-2024_18-57-04_638546976000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133636426250530000&format=webp)
Key EV Battery Material Can Come From a Surprising Source: Methane
Jun 20, 2024![BloomburgMedia_SFCSZ8T0G1KW00_23-06-2024_18-59-14_638546976000000000.jpg](/media/2huiwvzc/bloomburgmedia_sfcsz8t0g1kw00_23-06-2024_18-59-14_638546976000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133636427542330000&format=webp)
SK Innovation Shares Soar Most Since 2021 on Merger Speculation
Jun 20, 2024![BloomburgMedia_SF9RWWDWLU6800_19-06-2024_16-00-06_638543520000000000.jpg](/media/je2culfc/bloomburgmedia_sf9rwwdwlu6800_19-06-2024_16-00-06_638543520000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133632864066530000&format=webp)
Eni Taps Advisers to Sell €1 Billion Ivory Coast Stake, Sources Say
Jun 19, 2024![OPEC's output cut extension: analysing the global impact-1863248865](/media/5ybfzlqp/opec-s-output-cut-extension-analysing-the-global-impact-1863248865.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618869567770000&format=webp)
OPEC's output cut extension: analysing the global impact
Jun 03, 2024![BCG on making energy demand more efficient and sustainable-1863225347](/media/ogfnknhe/bcg-on-making-energy-demand-more-efficient-and-sustainable-1863225347.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618869575430000&format=webp)
BCG on making energy demand more efficient and sustainable
Jun 03, 2024![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
May 27, 2024![Driving sustainability: the power of energy policies-1857914550](/media/0v0blfir/driving-sustainability-the-power-of-energy-policies-1857914550.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133610085546170000&format=webp)
Driving sustainability: the power of energy policies
May 23, 2024![Hydrogen and ammonia to play pivotal roles in the energy transition-1856679871](/media/ni3n3zap/hydrogen-and-ammonia-to-play-pivotal-roles-in-the-energy-transition-1856679871.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133608465584100000&format=webp)
Hydrogen and ammonia to play pivotal roles in the energy transition
May 21, 2024![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
Mar 06, 2024![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
Jan 31, 2024![OIL INDIA Thumbnail (1)](/media/oddlww2x/oil-india-thumbnail-1.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133506537128730000&format=webp)
Oil India charts the course to ambitious energy growth
Jan 25, 2024![DNV Thumbnail](/media/chkphnjn/dnv-thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133491856590700000&format=webp)
Maritime sector is stepping up to the challenges of decarbonisation
Jan 08, 2024![BCG FERDINAND Thumbnail 01](/media/mhngslc2/bcg_ferdinand_thumbnail-01.png?anchor=center&mode=crop&width=540&height=300&rnd=133464907617530000&format=webp)
COP28: turning transition challenges into clean energy opportunities
Dec 08, 2023Partner content
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)
Essar outlines how its CBM contribution is bolstering for India’s energy landscape
![HNC 7611 V2](/media/0dqbya15/hnc_7611_v2.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133517899616530000&format=webp)
Positioning petrochemicals market in the emerging circular economy
![Spectrum](/media/esvgoqpk/spectrum.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524457491730000&format=webp)
Navigating markets and creating significant regional opportunities with Spectrum
![HEXAGON JOSEPH](/media/ybvjzlwk/hexagon-joseph.png?anchor=center&mode=crop&width=540&height=300&rnd=133473727370670000&format=webp)