Saudi Aramco to resume infrastructure development projects of Jafurah field: Sources

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Saudi Arabian Oil Co. (Saudi Aramco) is currently working to resume projects related to the infrastructure development of Jafurah gas field, estimated to cost $110 billion, CNBC Arabia reported, citing informed sources.

The sources said that the company reissued a number of tenders for a package related to the development of the field, including a tender to build the field’s power plant at the beginning of next December.

The tender, scheduled last year, has been postponed due to lower oil prices and the company's commitment to cash dividend.

Several local companies are competing for the tender, the sources added, indicating that Sumitomo Mitsui Banking Corp. and White & Case LLP International Law Firm will provide funding and legal advice services, respectively.

In February 2020, Saudi Aramco announced obtaining approval for developing Jafurah giant field in the Eastern Province, expecting the field production to start production by early 2024, according to data compiled by Argaam.

Later, the company announced that the phased development of the field is expected to gradually increase production to approximately 2.2 billion cubic feet per day by 2036.

Crown Prince Mohammed bin Salman said that the field development would over 22 years provide the Saudi government with an annual net income of SAR 32 billion.