Saudi Arabia is adding another dimension to its energy mix by developing the giant Jafurah gas field in the Eastern Province. With investment of $110 billion, Saudi Aramco is developing the field, which is expected to gradually increase production to 2.2 trillion cubic feet of wet gas by 2036 if fully completed.

The news came during a meeting of the Higher Committee for Hydrocarbons, presided over by Crown Prince Mohammed bin Salman. Jafurah, the largest nonconventional and non-associate gas field in the Kingdom, will contribute $20 billion to the annual gross domestic product, with $8.6 billion in net income annually and thousands of direct and indirect job opportunities.

Wet gas has the same basic composition as dry natural gas but with additional components. Wet gas contains around 85 percent methane and other liquid natural gases such as ethane and butane. It is these extra liquid components that make the gas wet. Depending on the area, wet gas can occur more often than dry gas. It all comes down to the chemical composition of the shale from which the gas is extracted.

The field will be able to produce about 130,000 barrels per day of ethane, representing about 40 percent of current production, and about 500,000 barrels per day of gas liquids and condensates required for the petrochemical industries, representing about 34 percent of current production.

As such, the Kingdom will become one of the most important gas producers in the world, in addition to being the most important oil producer. The development of Jafurah, in addition to Saudi programs to develop renewable energies, will achieve the best mix of energy consumption locally and support the Kingdom’s record in protecting the environment and its sustainability.

The crown prince has set clear instructions to prioritize allocating the field’s production to local sectors — including industry, electricity, water desalination, mining and others — in line with the Kingdom’s Vision 2030 reform plan.

This great announcement will reinforce the Kingdom’s leadership position and strong influence in the oil and gas sectors in particular, and the global energy market in general.

Furthermore, it will be in line with all new energy programs that focus on climate change and sustainable, environmentally friendly energy resources.

Basil M.K. Al-Ghalayini is the Chairman and CEO of BMG Financial Group.