Seven new oil and gas fields discovered in Saudi Arabia

Last Updated on July 3, 2024 9:02 am

Saudi Arabia’s energy minister announced the discovery of seven new oil and gas reserves in the Eastern Province and the Rab al-Khali desert (Empty Quarter). This information was reported by the Saudi press agency Arab News citing the Saudi Press Agency.

According to the report published on Tuesday (July 2), Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia’s oil company Saudi Aramco has discovered two unconventional oil fields, one oil reserve, two natural gas fields and two natural gas fields.

Among the seven discovered oil and gas reserves, two unconventional oil fields and one oil reserve were found in the country’s eastern province. On the other hand, two natural gas fields and two gas reserves have been found in the Rab al-Khali desert.

Saudi Arabia has the world’s second largest crude oil reserves after Venezuela. Saudi Arabia plans to increase crude production capacity to 12.3 million bpd by 2028.

Like other oil-producing countries in the Middle East, Saudi Arabia benefited from a rise in crude oil prices following Russia’s invasion of Ukraine in 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *