Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development, Bloomberg reported.
Jafurah is Aramco’s first unconventional field, developed using the type of hydraulic fracturing, or fracking, techniques pioneered in the US shale patch.
The deposit, which Chief Executive Officer Amin Nasser calls the company’s crown jewel, will produce massive amounts of natural gas once at capacity, expected in 2030. It also has plentiful volume of liquid fuels that will boost the company’s returns, Nasser has said.
The oil that Aramco sold is condensate, a light oil liquid that’s often found in gas deposits, according to traders with knowledge of the purchases. It will go to buyers in Asia for loading later this month or in early March, Bloomberg quoted the traders as saying.
