Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has awarded contracts at a value exceeding $25 billion to boost its gas expansion strategy, according to a press release.

The company plans to record sales gas production growth of more than 60% by 2030, compared to 2021 levels.

The contracts include phase two development of the vast Jafurah unconventional gas field, phase three expansion of Aramco's Master Gas System, new gas rigs, and ongoing capacity maintenance.

The listed group rolled out 16 contracts, worth a combined total of around $12.40 billion, for phase two development at Jafurah.

Furthermore,  15 lump sum turnkey contracts, worth an aggregated value of nearly $8.80 billion, have been awarded to commence the phase three expansion of the Master Gas System, which delivers natural gas to customers across Saudi Arabia.

In partnership with the Ministry of Energy, the expansion plans will enlarge the size of the network and raise its total capacity by an additional 3.15 billion standard cubic feet daily (bscfd) by 2028.

An additional 23 gas rig contracts valued at $2.40 billion have also been awarded, along with two directional drilling contracts worth $612 million.

Meanwhile, 13 tie-in contracts at Jafurah, worth a total of $1.63 billion, have been awarded between December 2022 and May 2024.

Amin Nasser, Aramco President & CEO, said: "The scale of our ongoing investment at Jafurah and the expansion of our Master Gas System underscores our intention to further integrate and grow our gas business to meet anticipated rising demand.”

“This complements the diversification of our portfolio, creates new employment opportunities, and supports the Kingdom's transition towards a lower-emission power grid, in which gas and renewables gradually displace liquids-based power generation,” Nasser added.

Earlier this week, Aramco penned definitive deals to own 10% equity in HORSE Powertrain Limited.

In the first quarter (Q1) of 2024, the company’s net profits fell by 14.44% to SAR 102.27 billion from SAR 119.54 billion as of 31 March 2023.