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Oil giant Aramco has added proven additional natural gas reserves of 15 tn standard cubic feet at its Jafurah field, state news agency SPA reported yesterday, citing remarks by Energy Minister Prince Abdulaziz bin Salman. Reserves at Jafurah are now estimated at 229 trn cubic feet of gas and 75 bn barrels of condensates, he added.
Jafurah could be the largest “unconventional” gas field outside the United States. It’s what the industry calls “unconventional,” or more commonly a “shale” field that demands the use of fracking techniques to bring reserves into production. It’s also the largest liquid-rich shale gas field in the Middle East, according to Aramco’s website, and the Kingdom’s largest gas field that isn’t associated with an oil field.
What it will mean: Aramco could produce 430 mn cubic feet per day of ethane and c. 640k barrels of gas liquids and condensates per day at Jafurah by 2030. Aramco expects Jafurah to contribute to its energy transition push, with its reserves helping to curb emissions and provide feedstock for lower-carbon fuels.
SOUND SMART- What are “proven” reserves? The oil and gas industry break reserves down into 1P, 2P, and 3P reserves that speak to how much oil or gas is in place — or could be in please. Here’s the rundown:
- 1P reserves are called “proven” and refer to oil or gas deposits that drilling exploratory wells or doing seismic surveys have shown exist — and that is economic to produce.
- 2p = proved + probable, adding together what’s proven to be there (1P) plus what is probably there and likely to be recoverable at a price the producer can afford.
- 3p = proved + probable + possible, adding reserves that could be recovered if technology improves or economic conditions become more favorable.
