Aramco Sells First Jafurah Condensate Cargoes
State energy giant Saudi Aramco has sold its first cargoes of ultra-light condensate from the $100 billion Jafurah gas project to major buyers in the U.S. and India, according to trade sources. The shipments, scheduled for loading from late February, were purchased by Chevron, Exxon Mobil and Indian Oil Corporation. The cargoes were reportedly priced at premiums of $2–$3 per barrel above Dubai benchmarks on a free-on-board basis.
The Jafurah field, considered one of the largest shale gas projects outside the United States, is estimated to hold 229 trillion cubic feet of raw gas and 75 billion barrels of condensate. The development is central to Aramco’s strategy to boost gas production and expand its portfolio of lighter crude grades as it aims to strengthen its position in global energy markets. Sustainable output is expected to reach 2 billion cubic feet per day by 2030.
Sources said Chevron’s first cargo may head to South Korea via its joint venture refiner GS Caltex, while another shipment could go to Thailand. Aramco stated it is ramping up production in coordination with the Ministry of Energy and in line with approved development plans. The company reiterated it does not comment on specific commercial arrangements, while other buyers declined to provide immediate responses.
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