Saudi Arabia aims to become a major gas exporter by 2030, as part of its 'Vision 2030' plan, with Saudi Aramco announcing over $25 billion in contracts for gas sector expansion
Saudi Arabia may be the third largest producer of crude oil in the world, after the U.S. and Russia, but its gas output has struggled over the years to make much of a mark in the global market. Currently, it produces around 4.2 trillion cubic feet Tcf a year – making it the ninth biggest producer in the world – but this goes to meeting domestic consumption needs.
At the same time, the amount of crude oil being burned for domestic energy consumption has risen in the past few years to well over 500,000 barrels per day. In the extreme temperatures of the summer months, this rises to around 900,000 bpd as air conditioners remain on full for much of the period. The longstanding plan was that production from Jafurah should reach 2.2 billion cubic feet per day bcf/d of gas production by 2036.
Vision 2030 Jafurah Gas Upstream Gas Production
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