Eight new oil and gas fields discovered in Saudi Arabia

Eight new oil and gas fields discovered in Saudi Arabia last year

In 2014, Saudi Arabia discovered eight new oil and gas fields in the east of the country, state-owned company Saudi Aramco has announced

Although Saudi Aramco did not give figures on estimated reserves or production rates for the new fields, it said that they represent the highest number of discoveries in the company’s history.

Saudi Aramco chairman Khalid al-Falih said in a statement, “Upstream, we reliably met domestic and international demand, discovered eight new fields and booked reserves that significantly exceeded production despite the fact our combined oil and gas production approached an all-time high.”

The five new gas fields are Abu Ali, Faras, Amjad, Badi and Faris, and the two oilfields are Sadawi and Naqa. The eight is an oil and gas field Qadqad.

“This brings our total number of discovered fields to 129,” the company added.

Saudi Aramco had produced 9.5mn bpd on average in 2014 and exported a total of 2.5bn barrels to customers around the world.

Top oil exporter Saudi Arabia, which has output capacity of 12.5mn bpd, pumped 10.29mn bpd in March this year, according to Reuters report.

The company said, at the end of 2014, that crude oil and condensate reserves stood at 261.1bn barrels while natural gas reserves registered 8.3 trillion cu/m.

The kingdom has about 100 major oil and gas fields, but more than half of its oil reserves are contained in eight fields in the northeast portion of the country, according to US Energy Information Administration, and its Ghawar field is the world’s largest oilfield in terms of production and total remaining reserves.

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