Hyundai Engineering & Construction and Hyundai Engineering have inked a $2.4bn contract with Aramco for the construction of a gas processing plant for the Jafurah gas project phase two in Saudi Arabia.
The two companies are affiliates of South Korea-based Hyundai Motor Group.
The contract awarded to the South Korean firms is for the ‘Jafurah Phase 2 – Package 2 Utilities, Sulfur, and Export Facilities Project.’
According to Aramco, the Jafurah gas field is the largest liquid-rich shale gas play in the Middle East. It is estimated to hold approximately 200 trillion standard cubic feet (scf) of natural gas, including condensates and natural gas liquids (NGL).
Aramco has projected that daily production could potentially reach approximately two billion cubic feet by the end of this decade.
Located in the Eastern Province, the Jafurah unconventional gas field secured regulatory approval for its development in early 2020.
Aramco expects to see an overall lifecycle investment of over $100bn in Jafurah.