Saudi Aramco Increases Reserves at Jafurah Field

By Andrea Figueras

Saudi Arabian Oil Co. has added what it said were significant volumes to its proven natural gas and condensate reserves at its Jafurah unconventional gas site, in Saudi Arabia.

Saudi oil and gas company, commonly known as Aramco, said on Tuesday that it has booked 15 trillion standard cubic feet of raw gas and two billion stock tank barrels of condensate as proven reserves at the site.

It now estimates that the field contains a total resource of 229 trillion standard cubic feet of raw gas, alongside an estimated 75 billion stock tank barrels of condensate.

"Reserve booking practices were assessed through establishing continuity of resources and consistency of performance," the company said.

The company is working on developing the Jafurah field, considered as one of its growth engines and an important economic resource for the country, Chief Executive and President Amin H. Nasser said. "The field represents a key element in our ambitious strategy to increase Aramco's gas production," he added.

Jafurah is expected to reach a sustainable sales gas rate of two billion standard cubic feet per day by 2030, the company said, in addition to significant volumes of ethane, natural gas liquids and condensate.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

February 27, 2024 10:38 ET (15:38 GMT)

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