Everything looks promising for Saudi Arabia to soon become the world’s largest oil producer and exporter and the world’s largest natural gas exporter and exporter after the commissioning of the Jafra oil field in southeastern Saudi Arabia. The field is estimated to return at least $100 billion a year and about 1 million barrels of oil per day to Saudi Arabia.
“The secret behind these optimistic estimates lies in Saudi Aramco, the world’s largest oil company,’s appetite for US and Chinese shale oil exploration technology,” oil experts said.
Shale oil exploration has made the United States the world’s largest oil producer. Saudi Aramco intends to use large platforms with advanced technology, called “mobile platforms,” that can be moved from one place to another without having to be dismantled and reassembled. Saudi Aramco expects sales of Jafra gas to reach about $100 billion for Saudi Arabia.
Jafra is estimated to have reserves of 229 trillion cubic meters of raw gas and 75 million barrels of oil associated with that gas, making Saudi Arabia one of the world’s largest natural gas producers through the bid for the field.
Experts said bringing the Jafolla oil field online years before the expiry of Vision 2030, which aims to abandon dependence solely on oil revenue, would allow Saudi Arabia to stop producing 1 million barrels of oil per day for domestic use and use natural gas instead as fuel.
Saudi Aramco announced on Thursday the start of production at the Jafora oil field. It will eliminate 500,000 barrels of oil per day and replace it with natural gas to meet local energy needs.
Everything looks promising for Saudi Arabia to soon become the world’s largest oil producer and exporter, as well as the world’s largest natural gas exporter and exporter, following the commissioning of the Al Jafra oil field in the country’s southeast. The field is estimated to yield at least $100 billion a year and about 1 million barrels of oil per day.
“The secret behind these optimistic estimates is that Saudi Aramco, the world’s largest oil company, has adopted shale oil drilling technology from the United States and China,” oil experts said.
Shale oil exploration has made the United States the world’s largest oil producer. Saudi Aramco intends to use large platforms with advanced technology, known as “mobile platforms,” that can be moved from one location to another without having to be dismantled or reassembled. Saudi Aramco expects sales of Al Jafra Gas to generate about $100 billion for the kingdom.
Al Jafra is estimated to hold 229 trillion cubic meters of raw gas and 75 million barrels of associated oil, making Saudi Arabia one of the world’s largest producers of natural gas.
Experts said opening the Al Jafra oil field years ahead of the Vision 2030 deadline, which aims to reduce reliance on oil revenue alone, would allow Saudi Arabia to stop producing 1 million barrels a day of crude oil for domestic use and instead use natural gas as fuel.
Saudi Aramco announced (Thursday) the start of production at the Al Jafra oil field. The plan is to eliminate 500,000 barrels of oil per day and replace it with natural gas to meet local energy needs.
