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Saudi Arabia discovers oil and gas fields that could change the country's economy and strategy. In total, 7 fields were discovered with the capacity to produce thousands of barrels per day.
The Minister of Energy of Saudi Arabia, Abdulaziz bin Salman, announced this Monday (1st) a series of significant discoveries by Saudi Aramco. Among them are two unconventional oil fields, a light oil reservoir, two natural gas fields and two natural gas reservoirs. These discoveries promise to further strengthen the country's position as a global leader in the energy sector, bringing new opportunities and technological advances to the oil and natural gas industry.
Saudi Arabia discovers seven oil and gas fields
In a statement, the Saudi Arabian ministry pointed out that the unconventional oil field “Ladam” was discovered in the Eastern Province following the flow of very light Arab crude into the Ladam-2 well at a rate of 5.100 barrels per day, accompanied by about 4,9 million standard cubic feet of gas per day.
The unconventional oil and gas field “Al-Farouk” was discovered in the Eastern Province after Arab ultralight oil flowed from the Al-Farouk-4 well at a rate of 4.557 barrels per day, accompanied by about 3,79 million standard cubic feet of gas daily.
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It is important to mention that Saudi Arabia discovers oil and gas fields after advancing its agenda of decoupling from US dollar oil sales. In early June, the country's central bank became a full member of Project mBridge, a cross-border experiment in central bank digital currencies led by China.
This move by Saudi Arabia is yet another move away from the dollar, as the country has already indicated that it wishes to disengage from the agreement that established the currency as the official currency in oil and gas transactions.
Details about the other oil and gas fields in Saudi Arabia
The Unayzah B/C reservoir in the Mazalij field was discovered after Arab Light crude flowed from the Mazalij-62 well at a rate of 1.780 bpd, along with about 0,7 million standard cubic feet of gas per day.
Now at Al-Jahaq Field was identified after natural gas flowed from the “Al-Arab-C” reservoir into the Al-Jahaq-1 well at a rate of 5,3 million standard cubic feet per day. Al-Katuf field was discovered after natural gas flowed into the well at a rate of 7,6 million standard cubic feet per day, accompanied by about 40 barrels per day of condensate.
The Hanifa reservoir in the Asikra field was discovered at a rate of 4,9 million standard cubic feet per day. Furthermore, the reservoir “Al-Fadhili” the same well produced 0,6 million standard cubic feet of gas per day, with about 100 barrels of condensate per day.
Importance of the discovery of oil and gas fields
Saudi Arabia finds out oil and gas fields at a crucial time, as the country continually seeks to reinforce its position as a world leader in energy production. The expectation is that these new discoveries will increase the country's capacity to satisfy national and international energy demands, contributing to its economic stability and energy security in the long term.
The significant volume of oil and gas discovered in these regions highlights the continued efforts of Saudi Aramco to explore and develop new resources. The company's ability to discover such extensive deposits reflects its technical expertise and its commitment to maintaining its dominant position in the global energy market. The newly discovered oil and gas fields are also predicted to have broad economic and strategic implications.
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