Saudi Aramco is planning to open up the Jafurah gas field, one of the world’s largest unconventional gas fields, to foreign investors, as it looks to fund a $110 billion project to help it diversify from oil sales, said people familiar with the matter.
The state-controlled producer is working with an adviser as it explores raising new equity or debt for its vast Jafurah site, the people said, asking not to be identified because the information is private. It has started preliminary talks with potential investors including large commodity traders.
Talks are in the early stages and Aramco could decide to pursue other ways of gathering money to fund the Jafurah development, the people said.
Saudi Arabia’s gas reserves are the largest in the Arab world after Qatar, according to BP Plc.