Chevron, Exxon Mobil, and Indian Oil purchased the first condensate cargoes from Saudi Aramco’s Jafurah gas project. Chevron secured two cargoes for loading in late February and March. These shipments mark the first exports from the shale development.
Saudi Aramco invested $100 billion in the Jafurah project. Jafurah is the largest shale gas project outside the United States. Chevron will send its first shipment to the GS Caltex joint venture refinery in South Korea.
The cargoes sold at a premium of $2 to $3 per barrel over Dubai quotes. This pricing signals healthy demand for the new ultra-light condensate supply. Volumes will increase as the Jafurah plant ramps up production.