In February 2026, Saudi Aramco announced that the Jafra unconventional natural gas project, with a total investment of up to $100 billion, had successfully produced the first batch of light oil, marking the official entry into commercial operation of the largest liquid rich shale gas field in the Middle East. The first phase of the project has been fully completed, and the supporting 450 million cubic feet per day natural gas processing plant has been put into operation simultaneously, achieving the export of liquid hydrocarbons for the first time.

The first batch of condensate oil has been secured for Asian buyers and is scheduled to be delivered by the end of February to early March 2026. Saudi Aramco has initially planned to export 4 to 6 ships of condensate oil per month, with a single ship loading capacity of approximately 500000 barrels. With its high-value light crude oil properties, it has become a new growth point for Saudi Arabia's energy exports. The Jiafula gas field has world-class resource reserves: it contains 229 trillion cubic feet of raw natural gas and 75 billion standard barrels of condensate oil, making it the most valuable unconventional natural gas project in the Middle East for development. By 2030, its daily natural gas production will climb to 2 billion cubic feet, helping Saudi Aramco achieve its strategic goal of increasing total natural gas production capacity by 60%.

In terms of development mode, the project introduces international top-level capital cooperation. In August 2025, a consortium led by BlackRock's Global Infrastructure Partners reached a $11 billion lease and put agreement with Saudi Aramco to jointly establish Jaffa Midstream Gas Company, with Saudi Aramco holding 51% and GIP leading the consortium holding 49%. This capital operation model of controlling but not controlling not only ensures Saudi Arabia's control over core assets, but also introduces the operational efficiency and risk management experience of international capital, which may become a new paradigm for energy project development in the Middle East. Keywords: Latest news from the Middle East, gas fields

The project adopts globally leading hydraulic fracturing and horizontal drilling technologies, which not only significantly increases local natural gas supply, replaces crude oil for power generation, releases more crude oil exports for foreign exchange earnings, but also provides support for Saudi Arabia's net zero emissions target by 2060. From a strategic perspective, the Jaffa project will transform Saudi Arabia from a simple crude oil exporting country to a comprehensive energy supplier that combines oil and gas, significantly enhancing Saudi Arabia's ability to resist risks in the global energy market fluctuations. As a key pillar of the 2030 Vision, the Jaffa gas field is expected to contribute $20 billion annually to Saudi Arabia's GDP and create a large number of jobs after its commissioning.Editor/Gao Xue