Saudi Arabia Reveals Major Gas Discovery in Jafurah Field
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The Saudi Arabian Ministry of Energy has revealed a significant gas discovery within the Jafurah Field. This discovery elevates the field’s resource estimates to 229 trillion standard cubic feet of gas and 75 billion barrels of condensate, with an additional 2 billion barrels of condensate also identified, as stated by the Energy Minister Prince Abdulaziz bin Salman.
This milestone discovery, achieved by Saudi Aramco, adhered to top international standards for hydrocarbon estimation and development, ensuring efficient resource utilization. The announcement follows the Ministry of Energy’s previous revelation in November 2023 of two new gas fields located in the Eastern Province and the Empty Quarter.
The initial discovery at the Hanifa reservoir in the Al-Hiran-1 well showcased gas flow rates of 30 million scf per day, accompanied by 1,600 barrels of condensate. Meanwhile, the Al-Mahakek-2 well recorded a gas flow of 0.85 million scf per day. Additionally, gas was found in five other reservoirs across previously discovered fields, with the Jalla reservoir in the Assekra field demonstrating a gas flow rate of 46 million scf per day.
Saudi Aramco has also initiated the production of tight gas from the South Ghawar field ahead of schedule, with facilities designed to process 300 million scf per day of raw gas and 38,000 barrels per day of condensate. This form of gas, also known as shale gas, requires advanced extraction methods, including horizontal drilling and hydraulic fracturing.
Amin H. Nasser, CEO of Saudi Aramco, emphasized at the International Petroleum Technology Conference in Dhahran the company’s commitment to continuous production across all energy types, including traditional fossil fuels and renewables. He affirmed Aramco’s capacity to expand and succeed in various sectors.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
