State energy giant Saudi Aramco is preparing to launch its first exports from the $100 billion Jafurah gas project later this month, following the sale of several ultra-light crude (condensate) cargoes to global majors.
Trade sources confirmed that Chevron has booked two shipments for late February and March. Additional cargoes for next month were secured by ExxonMobil and Indian Oil Corporation (IOC). The deals were reportedly struck at premiums of $2 to $3 per barrel over the Dubai benchmark, reflecting strong international interest in the new supply stream.
Aramco expects to ship between four and six cargoes monthly from the Yanbu export terminal. Each shipment will consist of approximately 500,000 barrels.
According to Reuters, Chevron’s first cargo is expected to supply its South Korean joint venture, GS Caltex. The second shipment is likely destined for Thailand’s Star Petroleum Refining.
The export launch follows the start of production at the Jafurah shale development. The project’s first phase has already reached a capacity of 450 million standard cubic feet per day (mmscf/d), as reported by the Saudi Ministry of Finance.
Jafurah is Saudi Aramco’s largest unconventional development and the biggest shale gas field outside the United States. Located in the Eastern Province, the site holds an estimated 229 trillion cubic feet of raw gas.
The Jafurah development is a cornerstone of Saudi Arabia’s energy strategy. It aims to expand domestic gas production, reduce the burning of crude oil for power generation, boost high-value export capacity, and support long-term energy diversification and the Kingdom’s “Vision 2030” goals.
