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
Talos Energy Sells CCS Business to TotalEnergies
2024-03-18 - TotalEnergies’ acquisition targets Talos Energy’s Bayou Bend project, and the French company plans to sell off the remainder of Talos’ carbon capture and sequestration portfolio in Texas and Louisiana.
US Proposes Second GoM Wind Lease Auction
2024-03-20 - Combined, the four proposed areas for offshore wind have the potential to power about 1.2 million homes if developed, according to the Interior Department.
Marketed: Team Operating Gulf Coast Opportunity
2024-03-19 - Team Operating LLC has retained PetroDivest Advisors for the sale of certain oil and gas leasehold and related assets spanning multiple counties in Texas, Louisiana and Mississippi.
Diversified Energy Buys NatGas Assets in Runup to LNG Exports
2024-03-19 - Diversified Energy will pay $386 million to buy 100% interest in Oaktree Capital Management’s assets in Oklahoma, East Texas and Louisiana.
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.