Saudi Arabia News: Amid reports of the treasure being exhausted, a treasure trove worth millions of dollars has been found buried underground in Saudi Arabia. On Sunday (February 25), the government of Saudi Arabia said that oil company Aramco has found 15 trillion cubic feet of gas in the Jafurah field. This will give a boost to the energy sector of the country. The Energy Ministry has issued a statement confirming this.
Saudi Arabia’s Energy Minister Prince Abdullah Aziz bin Salman also said that 15 trillion cubic feet of gas along with two billion barrels of condensate have been found in additional reserves in Aramco’s Jafurah field. The amount of resources in the energy sector from this treasury is estimated to be 229 trillion standard cubic feet of gas and 75 billion barrels of condensate.
Last year also, Saudi Arabia had found such a treasure
According to the report of Arab News, in November 2023 also, the Saudi Arabian government had told that two fields of natural gas were also discovered in the Eastern Province. It was reported that natural gas was discovered in two wells, Al-Hiran and Al-Mahakek.
The Jafurah gas field is located southeast of the Ghawar oil field in the Eastern Province of Saudi Arabia. Riyadh has expressed commitment to developing this area. For this, energy company Saudi Aramco had given contracts worth $10 billion in 2021. At that time, capital expenditure at Jafurah was expected to reach $68 billion over the first 10 years of development.
Natural gas production at Jafurah is expected to reach 2 billion standard cubic feet per day of shale gas by 2030. It will contain 418 million SCFD ethane and approximately 6,30,000 barrels per day of gas-like substances. This will make Saudi Arabia one of the world’s largest natural gas producers.
Saudi Arabia’s treasury is running out
Saudi Arabia’s Prince Mohammed bin Salman Allah Saud is spending crores of rupees on megaprojects in the country and abroad. Due to this, there has been a huge decline in the cash and fiscal assets of the Kingdom’s Public Investment Fund.
According to the Wall Street Journal, Saudi officials said that from 2022 till now it has seen a huge decline. It is running out of money for its projects and due to lack of increase in oil prices, its problems have increased further.
