Full Report – Saudi Arabia
Predictions
- Jafurah gas field development will help bolster long term revenues for Vision 2030 diversification projects
- Potential returns from large gas reserves will ensure strong foreign investor interest despite ongoing regional security concerns
- Riyadh will continue to face budgetary pressures amid falling oil prices due to slump in global demand over coronavirus fears
Event
Saudi Aramco announced on 24 February that the Government had approved the company’s planned USD 110 billion investment to develop the Jafurah gas field. The field, which contains around 200 trillion cubic feet of liquid gas, is the largest known reserve in Saudi Arabia. The announcement followed Energy Minister Prince Abdulaziz bin Salman’s suggestion on 16 February that Saudi Arabia could “soon” become a gas exporter. Crown Prince Mohammad bin Salman (MbS) welcomed the Aramco announcement on 24 February, claiming that once operational the field would contribute USD 20 billion to annual GDP and create thousands of jobs.
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