Aramco has increased proven reserves at its Jafurah unconventional field by 15 Tcf of raw gas and 2 Bbbl of condensate using a new approach to shale reserves booking, the company announced Feb. 27.
The additional resources, booked as proven reserves, bring total reserves estimates for the Saudi Arabian field to 229 Tcf of raw gas and 75 Bbbl of condensate.
Aramco said the new “novel approach” to booking shale reserves has the potential to be deployed at scale.
Industry reserves certification consultancy DeGolyer and MacNaughton reviewed the statistical booking mechanism and technically validated the new estimates, Aramco said.
“Aramco’s upstream business is deploying state-of-the-art technologies including advanced modelling 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. The field represents a key element in our ambitious strategy to increase Aramco’s gas production,” Aramco President and CEO Amin H. Nasser said in a press release.
Aramco is working to deliver production at Jafurah, with plans to ramp up to reach a sustainable sales gas rate of 2 Bcf/d by 2030, in addition to significant volumes of ethane, NGL and condensate.
In November, Aramco announced its South Ghawar area had gone online two months ahead of schedule, producing unconventional tight gas.
Recommended Reading
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.