Saudi Aramco in talks to finance Jafurah gas development project: Report

12/12/2022 Argaam
Logo ofSaudi Aramco

Logo of Saudi Aramco

Saudi Aramco started talks with potential backers for its $110 billion Jafurah gas development, Bloomberg reported, citing unnamed sources familiar with the matter.

 

The world’s largest oil exporter reached out to private equity firms and other large funds that invest in infrastructure as part of the plans, which could offer stakes in assets such as carbon capture and storage projects, pipelines and hydrogen plants.
 

Investment bank Evercore Inc. is advising Aramco on the plans. Talks are still at an early stage and details of the funding could change, the sources added.
 

In February 2020, Saudi Aramco received regulatory approval for the development of Jafurah unconventional gas field, expecting the gas field to start production early 2024, Argaam earlier reported.
 

Jafurah production will reach nearly 2.2 billion standard cubic feet per day (SCFD) of sales gas by 2036.  

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