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Saudi Aramco plans to open the door to one of the world’s largest unconventional gas fields to foreign investors, as it seeks to fund a $ 110 billion project to diversify oil sales, said officials. sources at Bloomberg.
The sources said Aramco is working with a consultancy firm, as it plans to raise capital for its sprawling site in the Jafurah region, and has entered into preliminary discussions with potential investors, including major traders in raw materials.
He added that deliberations are still in their early stages and that Aramco may decide to seek other ways to raise funds to finance the development of the Jafurah field.
If the deal is implemented, it will be one of the few times that Aramco will allow foreign investors to hold stakes in its oil and gas assets.
The company began reviewing fieldwork earlier this year, as a prelude to such a potential move, according to the Bloomberg agency reported in April and seen by Al Arabiya.net.
The Jafurah field is one of the Kingdom’s priorities to increase gas production and reduce dependence on crude oil exports. The site is estimated to contain 200 trillion cubic feet of rich raw gas and Aramco expects production to begin in 2024.
Aramco has increasingly opened its doors to foreign investors since its IPO in 2019 to help fund both its $ 75 billion dividend commitment and its significant capital spending needs.
The company finalized the sale of a stake in a unit that leases a pipeline system across the kingdom in June, raising $ 12.4 billion. A similar agreement is being drawn up for its gas pipelines.
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