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Aramco signs contracts worth $25 billion to expand the gas network

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The statement issued by the Saudi state oil company highlights that “the projects aim to support the growth of Aramco’s gas production, diversify its portfolio, and add large quantities of ethane, natural gas liquids and condensates.”

Aiming to expand its gas network, Saudi Arabia’s state oil company Aramco signed contracts on Sunday, June 30, worth just over $25 billion (€23.3 billion). The company made the announcement in a statement, adding the clear goal of moving forward with the second phase of the Jafurah gas field.

Aramco has awarded contracts worth $12.4 billion for this project and $8.8 billion for the expansion of Phase 3 of the Master Gas System, a network of gas pipelines that connects gas production and processing sites in Saudi Arabia.

An additional 23 contracts were awarded for unconventional gas platforms worth $2.4 billion, in addition to two contracts for directional drilling worth $612 million, according to the Saudi company, which indicated that well tie-ins have already been awarded in 2022 and May 2024 in Jafurah for $1.63 billion.

The statement explained that “the projects aim to support the growth of Aramco's gas production, diversify its portfolio, and add large quantities of ethane, natural gas liquids, and condensates.”

According to Saudi Energy Minister Abdulaziz bin Salman, with this “strategic expansion,” Aramco intends to produce more than 60% of its gas for sale by 2030. The company’s production is expected to exceed 13.5 billion to 21.3 billion cubic feet from 2021 to the beginning of the next decade.

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