Saudi Arabia announced a new major gas discovery at the state oil company Aramco’s Jufurah field on Sunday. Energy Minister Prince Abdulaziz bin Salman confirmed that an additional 15 trillion standard cubic feet of natural gas was found at the location. In addition, the minister revealed that 2 billion barrels of condensate were found in the onshore field.
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The new gas findings will increase the production by 2 billion standard cubic feet per day (SCFD) of shale gas by 2030. The findings also increase 418 million scfd of ethane. Moreover, another around 630,000 barrels per day of gas liquids and condensates will also be increased. The Jufurah field is large covering an area of 17,000 square kilometers.
Saudi Arabia Makes Major Gas Discovery
The Energy Minister explained that the Kingdom applied the highest international standard of technology to find natural hydrocarbon energy. “This achievement was the result of applying the highest international standards in estimating and developing hydrocarbon resources to ensure their proper exploitation,” he said to Anadolu Agency.
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The natural reserves at Jufurah field have now reached 229 trillion cubic feet of gas. Additionally, the Jufurah field also boasts 75 billion barrels of condensates, Prince Abdulaziz said.
The development will help Saudi Arabia increase its production and boost its economy up until 2030. The new natural gas findings come at a time when the Kingdom is looking to reduce dependency on oil and gas. The Kingdom now aims to boost its economy through tourism and is slowly liberalizing the country.
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The United Arab Emirates (UAE) brings an influx of funds through tourism and Saudi Arabia aims to replicate the success method. However, the Kingdom has a long way to go as the country is conservative and operates traditionally. Opening up to tourism could reshape Saudi Arabia and the oil and gas industry could be the second most profitable industry.
