Saudi Aramco plans to invest a whopping $110 billion to develop unconventional gas reserves in Saudi Arabia’s Jafurah field, the state news agency SPA said on Friday.
Jafurah deposits are estimated to hold 200 trillion cubic feet of wet gas, Reuters reports.
The field is estimated to hold 200 trillion cubic feet of wet gas and the phased development of the field is expected to gradually increase production to 2.2 trillion cubic feet by 2036 if fully completed, according to the SPA.
Jafurah is southeast of Ghawar, the world’s largest conventional oilfield, and lies between the Saudi capital Riyadh and the Kingdom’s border with Qatar.
Saudi Arabia aims to become gas exporter by 2030, according to Reuters.
Prince Mohammed said development of the field would over 22 years provide the government with an annual net income of $8.6 billion and contribute $20 billion to the kingdom’s gross domestic product per year.
