Saudi Arabia: Aramco is considering allowing foreign investors to participate in a gas project worth $110 billion

According to sources of which Bloomberg International, Saudi Aramco is considering opening the door to one of the largest unconventional gas fields in the world (the Jafurah field development) for foreign investors. The company is looking to finance a $110 billion project to diversify oil sales.

The Jafurah field is one of the Kingdom’s priorities to increase gas production and reduce dependence on crude oil exports. The field is estimated to contain 200 trillion cubic feet of rich raw gas, and Aramco expects production to begin in 2024.

This approach is unique and is one of the rare times that Aramco allows foreign investors to own stakes in its oil and gas assets.

The company began reviewing the fields’ work earlier this year, as a first step to such a potential move.

Aramco has increasingly opened its doors to foreign investors since it offer its shares for public subscription in 2019 to help fund both its $75 billion dividend commitment and significant capital spending requirements.