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Saudi Arabia Plans Exploitation of One of Largest Gas Fields in the World

Saudi Aramco is intending to fund the development of the Jafurah gas field. (Asharq Al-Awsat)
Saudi Aramco is intending to fund the development of the Jafurah gas field. (Asharq Al-Awsat)
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Saudi Arabia Plans Exploitation of One of Largest Gas Fields in the World

Saudi Aramco is intending to fund the development of the Jafurah gas field. (Asharq Al-Awsat)
Saudi Aramco is intending to fund the development of the Jafurah gas field. (Asharq Al-Awsat)

Saudi Aramco is intending to fund the development of the Jafurah gas field, one of the largest in the world, at a cost of $110 billion.

Planned to start production in 2025, the field is expected to have approximately two billion standard cubic feet per day of sales by 2030, which will make the Kingdom the world’s third largest producer of natural gas by the end of this decade.

Aramco has contacted private equity firms and other large funds as part of its plans, which would involve the sale of stakes in assets such as carbon capture and storage projects, hydrogen plants, and pipelines, Bloomberg reported.

Bloomberg sources said that US investment banking company Evercore was serving as the adviser to Aramco for the proposed plans.

In 2020, the Saudi giant announced that it secured regulatory approval for the development of the Jafurah unconventional gas field.

Yasir Al-Rumayyan, Chairman of the Board of Directors of Aramco, said that the development of the Jafurah field was expected to support the Kingdom’s leading position in the global energy sector and enhance the Company’s position in the global energy sector, as well as help achieve its goal of being the world’s pre-eminent integrated energy and chemicals company.

For his part, Eng. Amin Al-Nasser, President and Chief Executive Officer of Saudi Aramco, noted that the development of the Jafurah field would expand the company’s resources and support the country’s economic diversification.

In a statement, Aramco said that Jafurah was the largest unconventional non-associated gas field in the Kingdom, with a length of 170 km and a width of 100 km.

It added that the volume of gas resources in the field was estimated at 200 trillion cubic feet of rich raw gas, which would provide a valuable feedstock for the petrochemical industries.

“The Company expects the field’s production, to commence early 2024, to reach approximately 2.2 billion standard cubic feet per day of sales gas by 2036, with an associated approximately 425 million standard cubic feet per day of ethane, representing about 40 percent of current production. The Company also expects the field to produce approximately 550 thousand barrels per day of gas liquids and condensates,” the statement underlined.

It continued: “Saudi Aramco plans to develop Jafurah in accordance with the highest environmental standards. The Company expects that the development of Jafurah would have a positive financial impact in the long term, which will start to show on the Company’s financial results in phases concurrent to the field’s development.”

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Business

Saudi Industry Minister Discusses Automotive Manufacturing Cooperation with China's BYD

The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)
The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)
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Saudi Industry Minister Discusses Automotive Manufacturing Cooperation with China's BYD

The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)
The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Riyadh on Tuesday with Chinese company BYD Founder and Chairman Wang Chuanfu to discuss cooperation in automotive manufacturing and the transfer of advanced vehicle technologies to the Kingdom.

They explored ways to strengthen industrial cooperation and expand promising investment opportunities to localize the automotive industry in the Kingdom, with particular focus on electric vehicle manufacturing to meet growing domestic demand and reinforce Saudi Arabia’s position as a leading regional and global hub for automotive production.

Discussions tackled the incentives and enablers offered to investors in high-value industries, including the automotive sector, as well as the Kingdom’s significant investments in electric vehicle charging infrastructure.

The meeting highlighted the objectives of the comprehensive strategy for the mining and mineral industries, which emphasizes support for the electric vehicle ecosystem and the development of local supply chains for battery manufacturing and advanced materials.

These efforts help in localizing the automotive industry and advancing the goals of Saudi Vision 2030 to diversify the national economy.

Business

International Mining Conference Opens in Riyadh on Tuesday 

People attend the fourth edition of the International Mining Conference in Riyadh. (SPA)
People attend the fourth edition of the International Mining Conference in Riyadh. (SPA)
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International Mining Conference Opens in Riyadh on Tuesday 

People attend the fourth edition of the International Mining Conference in Riyadh. (SPA)
People attend the fourth edition of the International Mining Conference in Riyadh. (SPA)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the fifth edition of the International Mining Conference will open in Riyadh on Tuesday under the theme “Minerals: Meeting the Challenges of a New Era of Development.”

Around 200 exhibiting and sponsoring entities are expected to participate, paving the way for the signing of approximately 150 memoranda of understanding and strategic agreements.

Organized by the Ministry of Industry and Mineral Resources, the three-day conference aims to bring together governments, mining companies, financial institutions, and governmental and non-governmental organizations to strengthen global dialogue on the future of the minerals sector.

Strategic pillars

This year’s conference is built around three strategic pillars designed to transform challenges into regional and international opportunities. The first focuses on developing innovative financing models for infrastructure, enabling the activation of seven major mineral corridors in Africa and South America, with the potential for expansion to other regions.

The second pillar centers on capacity-building in mineral-producing countries through the establishment of a global network of centers of excellence specializing in geology, innovation, sustainability, workforce development, and regulatory frameworks.

The third pillar aims to boost transparency across manufacturing value chains through the launch of a pilot system for tracking mineral supply chains, which could later be scaled globally.

International ministerial meeting

As in previous editions, the conference will open with an international ministerial meeting for ministers responsible for mining, reinforcing its position as the largest multilateral governmental platform in the sector.

Participation this year is expected from 100 countries, up from 90 in the previous edition, including 16 G20 members and around 50 international organizations, among them the United Nations, the World Bank, the International Council on Mining and Metals, the UN Industrial Development Organization, and the International Organization for Standardization.

Last year’s meeting produced several landmark initiatives, including agreement on an international framework for critical minerals to strengthen global supply chains and the launch of a network of centers of excellence spanning Africa, West Asia, and Central Asia.

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the fifth edition of the conference would further consolidate the Kingdom’s role as a global leader in shaping the future of mining and minerals, attracting investment, and ensuring responsible and secure mineral supplies.

He described the event as a call for collective action and a platform for building new partnerships.

The previous edition witnessed the signing of 126 agreements and memoranda of understanding worth SR107 billion ($28.5 billion), alongside four strategic projects. These included a joint venture between Saudi Aramco and Maaden to explore critical minerals for the energy transition, a potential expansion of the Mansourah–Massarah mine, new discoveries at Wadi al-Jaw and the Shiban deposits, the acquisition of Al Rajhi Steel Industries by Hadeed, and plans to build the first fully integrated steel plant outside China in partnership with Baosteel, Aramco, and the Saudi Public Investment Fund.

Outlook for the minerals sector

Coinciding with the conference, organizers released the Future Minerals Indicators Report, offering a comprehensive assessment of the global minerals sector amid surging demand driven by the energy transition, advanced manufacturing, and mounting supply-chain pressures.

The report stressed that minerals have become a strategic pillar of energy security and long-term industrial development, calling for a shift from diagnosis to implementation through clear policies, targeted investment, and broader international cooperation.

Business

Saudi Arabia’s Maaden Adds 7.8 Million Ounces of Gold to Its Resources

The Mahd Ad Dhahab mine operated by Maaden (SPA). 
The Mahd Ad Dhahab mine operated by Maaden (SPA). 
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Saudi Arabia’s Maaden Adds 7.8 Million Ounces of Gold to Its Resources

The Mahd Ad Dhahab mine operated by Maaden (SPA). 
The Mahd Ad Dhahab mine operated by Maaden (SPA). 

The Saudi Arabian Mining Company (Maaden) has recorded a major milestone in its drive toward global leadership, announcing the addition of 7.8 million ounces of gold to its mineral resources.

The announcement came on the eve of the International Mining Conference, which opens Tuesday in Riyadh. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the Kingdom’s mining sector is now the fastest growing in the world.

The increase is the result of intensive exploration and resource development programs carried out at four strategic sites across Saudi Arabia. These include the Mansourah–Massarah mine - the Kingdom’s newest and largest - along with Umm al-Salam, Uruq 20/21, a new discovery at Wadi al-Jaw, additional sites within the Central Arabian Gold Region, and the historic Mahd Ad Dhahab mine.

The achievement reinforces Maaden’s strategy of positioning mining as the third pillar of Saudi industry and a key driver of economic diversification under Vision 2030.

In January last year, Maaden announced the discovery of several gold- and copper-bearing sites at Wadi al-Jaw and Jabal Shayban, as well as evidence of strong gold mineralization beneath its main open-pit operations at Mansourah–Massarah, though data at the time was insufficient to estimate scale and grade.

Strategy Bearing Fruit

Commenting on the latest results, Maaden Chief Executive Officer Bob Wilt said in a statement published on the Saudi Exchange (Tadawul) that the discoveries provide clear proof the company’s long-term strategy is delivering tangible results. He added that continued investment in Saudi Arabia’s gold potential would strengthen future cash flows and bolster Maaden’s global financial standing.

Wilt noted that the company is still at an early stage in unlocking the vast potential of the Arabian Shield, stressing that the depth and breadth of Maaden’s resource portfolio - from operating mines to early-stage discoveries - highlight the scale of opportunity. Strong drilling results, he said, demonstrate sustainable growth and the ability to convert geological prospects into high-value mineral assets.

Beyond gold, Wilt pointed to promising early indicators for base metals at sites such as Jabal Shayban and Jabal al-Wakil, including copper, nickel, and platinum, minerals central to advanced global industries.

Mansourah–Massarah Expansion

Updated resource estimates at Mansourah–Massarah underscore the scale of expansion underway. Resources now stand at 116 million tons with an average grade of 2.8 grams of gold per ton, equivalent to 10.4 million ounces. Expansion and conversion drilling identified an additional 4.2 million ounces, translating into a net annual increase of 3 million ounces after technical adjustments.

Integrated Discoveries

At Umm al-Salam and Uruq 20/21, total resources reached 50.6 million tons at an average grade of 2.1 grams per ton, adding 3.41 million ounces. These discoveries directly support plans to expand the Mansourah–Massarah processing hub, improving efficiency and lowering costs.

At Wadi al-Jaw, Maaden announced an initial estimate of 3.08 million ounces of gold from 76.8 million tons, identified in just over a year following extensive drilling across 55 kilometers. Exploration continues in surrounding areas, including Jabal Wa’lah.

In the Central Arabian Gold Region, Maaden also confirmed a new discovery at Al-Rajum North mine, while drilling at Mahd Ad Dhahab has successfully expanded mineralization beyond existing models, extending the mine’s operational life.