Saudi Aramco's $90B Development Projects Highlight Growth

Saudi Aramco is progressing with significant mega projects totaling approximately $90 billion, according to President and CEO Amin Nasser. Highlighting an active capital program, Nasser projected that natural gas operations are poised to expand by 60% by the year 2030, primarily in response to rising market demands. A focal point of these initiatives, the Jafurah gas development, which ranks as the Kingdom's largest non-associated gas endeavor, remains on schedule. It anticipates two billion standard cubic feet per day in production by 2030, with its first operational phase set for completion this year. To further bolster this undertaking, Aramco recently executed an $11 billion lease and leaseback agreement covering Jafurah's processing facilities with a consortium including funds managed by Global Infrastructure Partners, led by BlackRock. This agreement is fundamental to Aramco's strategy to elevate gas production capacities significantly by 2030.