Skip to content

Saudi Aramco discovers new ‘especially important’ oil and gas fields

Saudi Aramco discovers new 'especially important' oil and gas fields

Government-owned petroleum and natural gas company Saudi Aramco has discovered new oil and gas fields in different Saudi Arabia locations.

The country’s Energy Minister Prince Abdul Aziz bin Salman Al-Saud said that the new well No.2 in the Al-Reesh oil field northwest of Dharan produces 4,452 barrels of Arab extra light crude oil and 3.2 million standard cubic feet of natural gas per day.

Aramco also drilled two more wells in the Al-Reesh oil field, the Saudi Press Agency reported. Well No.3 has an initial production of 2,745 barrels of extra-light crude oil and 3 million standard cubic feet of gas daily. No. 4 produces 3,654 barrels of extra-light crude oil and 1.6 million standard cubic feet of natural gas per day. 

“The discovery at Al-Reesh field is especially important as it shows that it is possible to produce Arab extra light crude oil at the Tuwaiq mountain formation,” Prince Abdulaziz stated.

Oil was also found in Al-Ajramiyah well No. 1 located northwest of Rafhaa city. The well produces 3,850 barrels of oil daily. Non-conventional gas was likewise discovered in Al-Minahhaz well, located southwest of the Ghawar oil field.

The well produces 8 million standard cubic feet of gas and 98 barrels of condensate daily. Aramco also found gas in the  Al-Sahbaa well located south of Ghawar. It produces 32 million standard cubic feet of gas per day. 

Saudi Arabia’s black gold

The discovery is welcome news for the country that relies heavily on its gas and oil sector, which accounts for about half of its gross domestic product and about 70 percent of its export earnings.

Oil is the number one exported product globally, and the country is the leading oil exporter. In 2018, Saudi was responsible for 16.1 percent of the world’s oil exports worth $182.5 billion in value. 

Prince Abdulaziz said that the discoveries underscore the wealth of natural resources Saudi Arabia has at its disposal.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts
Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Read Next:

Weekly Finance Digest

Related posts

AD