- Saudi Aramco has begun discussions with potential sponsors for its $110B Jafurah gas development. The state-controlled corporation is looking for equity investors who may aid in funding the construction of midstream and downstream projects.
- According to the sources, Aramco has made contact with private equity firms and other sizable infrastructure investment funds as part of its ambitions in order to potentially sell interests in projects for carbon capture and storage, pipelines, and hydrogen facilities. Reports also suggest that Evercore Inc., an investment bank, is advising Aramco.
- Saudi Arabia plans to broaden its energy exports further than just oil. Jafurah is a vital component, and the field is thought to contain 200 trillion cubic feet of raw gas. Aramco plans to start producing there in 2025 and by 2030, sales are expected to be around 2 billion standard cubic feet per day.
Why it matters
Natural gas demand has soared due to the conflict in Ukraine, driven primarily by European countries who once obtained their supplies from Russia. Meanwhile, gulf states have now started ambitious projects to increase their gas output as a result of this.
