In a landmark development for global energy markets, Saudi Aramco has finalized its first international sales of ultra-light crude from the colossal Jafurah gas field. According to industry sources, the state energy giant has allocated initial cargoes to prominent U.S. firms Chevron and ExxonMobil, alongside India’s leading refiner, Indian Oil Corporation (IOC).
The transactions, structured at premiums of $2 to $3 per barrel above Dubai benchmarks on a free-on-board basis, signify the commercial launch of one of the world’s most ambitious energy ventures. Chevron has secured two shipments for loading in late February and March, with supply chains indicating destinations at its South Korean joint-venture GS Caltex and Thailand’s Star Petroleum Refining facility.
This export initiative stems from Aramco’s $100 billion Jafurah development, which holds estimated reserves of 229 trillion cubic feet of raw gas and 75 billion barrels of condensate. The project represents a strategic pivot toward gas production expansion and diversification of the kingdom’s light crude offerings.
Positioned as the largest shale gas undertaking outside the United States, Jafurah is projected to achieve sustainable production capacity of 2 billion cubic feet daily by 2030. Monthly export volumes are anticipated to reach 4-6 cargoes of 500,000 barrels each from Yanbu port on Saudi Arabia’s eastern coast.
The condensate grade boasts exceptional quality characteristics with 49.7° API gravity and minimal sulfur content (0.17%). Preliminary assays indicate approximately 40% of yield converts to petrochemical feedstock naphtha, predominantly heavier grades, with remaining output comprising gasoil and kerosene.
Aramco officials confirmed coordination with the Ministry of Energy for production ramp-up aligned with development plans and market requirements, while maintaining corporate policy of not commenting on specific commercial arrangements. Major purchasers have declined or not responded to requests for commentary regarding the transactions.