Energy minister says Jafurah gas field expected to contribute $20 bln to Saudi GDP annually

Minister of Energy Prince Abdulaziz bin Salman

Jafurah gas field will have a very significant contribution to Saudi Arabia’s gross domestic product (GDP) in multiple aspects, Minister of Energy Prince Abdulaziz bin Salman told Argaam in an exclusive, expecting this contribution to near $20 billion annually.

Regardless of the methane used in supply processes, large quantities of ethane are available, which account for 40% of the ethane used currently in the petrochemicals industry, in addition to other liquids that can be exported or used by the same industry.

On the other hand, Prince Salman shrugged off the possibility of gas exports to regional countries, highlighting that more renewable projects will be launched soon.

Replying to a question about the impact of the new COVID-19 variant, Omicron, on oil demand, the minister said: “We are still at the beginning. As the Chairman of OPEC+ and in coordination with the Co-Chairman, we decided to postpone the technical meetings until Wednesday and the Ministerial Meeting until Thursday to have more time for review.”

“All the phenomena and observations so far as per the World Health Organization (WHO) are overdone as said … I think the decision taken enables us to study the matter in a better way,” he further added.

Amin Nasser, President and CEO of Saudi Aramco, announced earlier today, Nov. 29, the commercial feasibility of unconventional resources in the Kingdom and the launch of Saudi Aramco's program for the expansion of its gas business, Argaam reported.