Saudi Aramco to Launch First Exports from $100 Billion Jafurah Gas Project

SEATTLE (Oil Monster):State energy giant Saudi Aramco is set to begin its first exports from the $100 billion Jafurah shale gas project later this month, marking a major milestone in Saudi Arabia’s unconventional gas expansion strategy. The initial shipments will consist of ultra-light crude, or condensate, sold to leading global energy companies.

Trade sources confirmed that Chevron has secured two cargoes for loading in late February and March, while ExxonMobil and Indian Oil Corporation (IOC) have also booked March volumes. The condensate cargoes were reportedly priced at premiums of $2 to $3 per barrel above the Dubai benchmark, signaling strong international demand for the new supply stream.

Aramco plans to export between four and six cargoes per month from the Yanbu terminal, with each shipment estimated at around 500,000 barrels. Chevron’s first cargo is expected to supply GS Caltex in South Korea, with another shipment likely headed to Thailand’s Star Petroleum Refining.

The Jafurah development, located in Saudi Arabia’s Eastern Province, has reached first-phase output of 450 million standard cubic feet per day. With an estimated 229 trillion cubic feet of gas resources, the project underpins the Kingdom’s Vision 2030 energy diversification strategy.

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