The new estimates were calculated using a novel approach to shale reserves booking.
Aramco has added significant volumes to the proven gas and condensate reserves at the Jafurah unconventional field.
The company has booked 15 trillion standard cubic feet (scf) of raw gas and 2 billion stock tank barrels (STB) of condensate as proven reserves at Jafurah. It now estimates that Jafurah contains a total resource of 229 trillion scf of raw gas, alongside an estimated 75 billion STB of condensate.
These new estimates were calculated using a novel approach to shale reserves booking, which was applied to unconventional resources for the first time in the industry and has potential to be deployed at scale.
Reserve booking practices were assessed through establishing continuity of resources and consistency of performance. These new estimates were technically validated by respected industry reserves certification consultancy DeGolyer and MacNaughton, which reviewed the statistical booking mechanism and provided a fully independent assessment.
“This achievement enhances the Kingdom’s hydrocarbon wealth through proven reserves of gas, which is a vital resource for the energy and chemicals industries. Aramco’s upstream business is deploying state-of-the-art technologies including advanced modeling and artificial intelligence to make tangible progress in developing Jafurah, which is one of the company’s growth engines and an important economic resource for the Kingdom.”
— Amin Nasser, Aramco president and CEO
"The field represents a key element in our ambitious strategy to increase Aramco’s gas production,” Nasser said.
Work is currently underway to deliver production at Jafurah, with plans to ramp up to reach a sustainable sales gas rate of 2 billion scfd by 2030, in addition to significant volumes of ethane, Natural Gas Liquids (NGL) and condensate.
— The Arabian Sun: February 28, 2024