ReportAramco Weighs a Gas Division Worth More Than $100 BillionAired September 28, 2026 at 3:35 PM UTCWritten September 28, 2026 at 3:42 PM UTCRead the write-upThis storyTranscript · LOADING0:11Aramco's Jafura field produces gas.0:14Its proposed stand-alone gas division does not yet exist.0:17Evercorp has reportedly been hired to advise on the split.0:21A future listing could value the entire gas business at more than $100 billion.0:25Will Aramco create a third division and would it then sell investors a stake?0:29The proposal to reorganize Aramco surfaced before the account of EverCorps'0:34involvement.0:35That advisor account was published on September 26th and discussed again on the0:3928th.0:39The later discussion did not announce a fresh signing, a completed separation, or a0:43flotation.0:45The Evercorps claim rests on unnamed people familiar with the plans.0:48Neither Aramco nor Evercorps has publicly confirmed the appointment, and the0:53available coverage does not independently verify it.0:55The operating proposal would turn two principal divisions into three.0:59Upstream and Downstream would remain, while gas would have its own division in1:03chief.1:04That dedicated operation is intended to support expanded domestic natural gas1:08production and Aramco's international liquefied natural gas business.1:12Boston Consulting Group had also advised on separating gas operations under an1:16effort called Project Gamma.1:18Evercore's reported role concerns the restructuring.1:20A new management division would not automatically be a separate company.1:24The plans do not establish which assets it would hold, who would own them, how a1:29board or the LNG portfolio would be governed, or what its own accounts would show.1:33A distinct division could give the growing gas business clearer management and an1:37identity for prospective investors.1:39But there is no confirmed timetable or division-level financial picture to measure1:43that prospect.1:44The gas expansion itself is already underway.1:46Production at the unconventional Jaffura field began in 2025.1:50On February 26th this year, Aramco announced that Jafora production had started and1:54that its Tanajib gas plant was operating.1:56Those are operating milestones, not evidence that a standalone gas division has been2:00formed.2:01Aramco's goal is to increase sales gas production capacity by approximately 80% by2:062030.2:07Compared with 2021 production levels, that is a target, not growth already achieved.2:12A reported Jafura target is up to 2 billion standard cubic feet of sales gas a day2:16by 2030.2:17It is not the field's current output, which the available material does not2:21establish, and it is not an output figure for a new division.2:24The figure above $100 billion needs the same care.2:27It is an unnamed source estimate of what the entire gas business might be worth if a2:32future IPO or minority listing goes ahead.2:34It is not an agreed sale price, a present market value, or the cash Aramco would2:38receive for selling only part of the business.2:40No listing has been approved, and no stake size or proceeds target has been2:44announced.2:45Bringing in investors without a stock market listing is also possible.2:49Another number belongs to a different set of plans.2:51The estimate of up to $35 billion described in May covered wider prospective Aramco2:57asset deals, not proceeds from a gas IPO.3:00That wider push followed an $11 billion lease agreement covering some natural gas3:04facilities.3:05A separate May proposal contemplated raising more than $10 billion through a3:09property sale leaseback, including property at Aramco's Eastern Province3:13headquarters campus.3:14Neither proposal turns the gas business valuation into a fundraising commitment.3:19So the answer is not that a $100 billion gas company is about to list.3:23Aramco has an operating gas expansion and a reported plan to give gas its own3:27division, with EverCorps' advisory role still unconfirmed publicly.3:31Whether the company establishes that division, legally separates any assets and3:35invites outside investors remains undecided.3:37The restructuring plans could change before any of those choices is made.Explore with HeyDexFollow via RSSThe shortThe short ↗