State energy giant Saudi Aramco has begun marketing ultra-light crude from its massive Jafurah gas development, marking a significant step in its broader energy expansion strategy. Sources say Saudi Aramco has sold its first Jafurah condensate shipments to buyers in the United States and India, signaling the company’s formal entry into the global condensate trade from the project.
According to trade insiders, multiple cargoes have already been secured by major international refiners ahead of the first scheduled export later this month. The sales highlight growing international interest in Jafurah’s high-quality output and reinforce Aramco’s ambition to strengthen its footprint in the global gas and light crude markets.
Jafurah: A Cornerstone of Saudi Arabia’s Gas Ambitions
The Jafurah field, one of the largest unconventional gas developments globally, is estimated to hold approximately 229 trillion standard cubic feet of raw gas and around 75 billion barrels of condensate. The project is a cornerstone of Saudi Arabia’s plan to diversify its energy portfolio and expand gas production capacity.
By ramping up output from Jafurah, Aramco aims to establish itself as a leading global natural gas supplier while simultaneously broadening its range of lighter crude grades. The development is widely viewed as a strategic pivot toward cleaner-burning fuels and higher-value petrochemical feedstocks.
U.S. and Indian Buyers Secure Early Cargoes
Industry sources indicate that Chevron has purchased two cargoes scheduled for loading later this month and in March. Meanwhile, Exxon Mobil Corp and Indian Oil Corp have secured shipments for delivery next month.
The condensate cargoes were reportedly priced at premiums of $2 to $3 per barrel above Dubai benchmark quotes on a free-on-board basis — a pricing structure that reflects strong demand and the perceived quality of the product.
Chevron’s first shipment is expected to be directed to South Korea for processing by GS Caltex, its joint-venture refining partner. The second cargo could be sent to Thailand for processing by Star Petroleum Refining.
While Aramco confirmed it is coordinating closely with Saudi Arabia’s Ministry of Energy to increase production in line with approved development strategies and market demand, the company declined to comment on specific commercial arrangements. Chevron also declined to comment, and other buyers have not publicly addressed the transactions.
The Largest Shale Gas Development Outside the U.S.
Jafurah is widely considered the largest shale gas project outside the United States. Once fully operational, it is expected to achieve sustainable production of up to 2 billion cubic feet per day by 2030.
Aramco could potentially export between four and six cargoes per month, each carrying roughly 500,000 barrels of condensate, from Saudi Arabia’s eastern export hubs. This steady stream of shipments would further cement the kingdom’s role as a key supplier of both crude oil and condensate to global markets.
High-Quality Output with Strong Petrochemical Appeal
Condensate — a light hydrocarbon liquid produced alongside natural gas — is particularly valuable for petrochemical manufacturing and refining. It can be processed in splitters to yield naphtha and other feedstocks or blended with heavier crude for traditional refinery distillation.
Preliminary assays indicate that Jafurah condensate carries an API gravity of about 49.7 degrees, classifying it as ultra-light. It also contains approximately 0.17% sulfur, making it relatively low in impurities.
Roughly 40% of its yield consists of petrochemical-grade naphtha, primarily the heavier variety. The remainder is largely composed of gasoil and kerosene fractions — products widely used in fuel production and industrial applications.
A Strategic Move in a Shifting Energy Landscape
The initial sales of Jafurah condensate represent more than just new cargoes hitting the market. They reflect Saudi Aramco’s long-term strategy to diversify revenue streams, capture value in petrochemicals, and strengthen its position in the global energy transition.
As international buyers line up for early shipments, Jafurah appears poised to become a significant contributor to Saudi Arabia’s energy exports for decades to come.
