"The Saudi Arabian Oil Company ('Aramco' or 'the Company') today announced the start of development of the vast Jafurah unconventional gas field, the largest non-associated gas field in the Kingdom of Saudi Arabia. The Company has awarded subsurface and Engineering, Procurement and Construction (EPC) contracts worth $10 billion, with capital expenditure at Jafurah expected to reach $68 billion," the company said in a statement.

The reserves are estimated at 200 trillion standard cubic feet of gas. Production of natural gas is expected to rise from 200 million standard cubic feet per day in 2025 to 2 billion standard cubic feet per day in 2030, the company said. According to the statement, it will make the country one of the world's largest natural gas producers.

"The development of Jafurah will positively contribute to the Kingdom's energy mix," Saudi Energy Minister Prince Abdulaziz bin Salman said, commenting on the signing of the contracts.

In September, media reported Saudi Aramco planned to attract foreign investors to finance its Jafurah gas project.

Saudi Aramco is a national petroleum and natural gas company of Saudi Arabia. It was founded in 1933. The company is represented in three major global energy markets in Asia, Europe and North America, and has over 70,000 people on staff.