Saudi Aramco discovers 14 new oil and gas fields

Saudi Aramco, the state-controlled oil major, has discovered 14 oil and natural gas fields and reservoirs in the Eastern Region and the Empty Quarter, according to Prince Abdulaziz bin Salman, the energy minister.

The discoveries include six fields and two reservoirs of oil, as well as two fields and four reservoirs of natural gas, state-run SPA news agency reported citing the minister.

The six fields and two reservoirs can produce 8,126 barrels per day (bpd), Reuters reported, a small amount in the context of overall Saudi production of around 9 million bpd.

The natural gas discoveries from two fields and four reservoirs total 80.5 million cubic feet per day (cfd). Meanwhile, associated gas from the oil fields and reservoirs will produce up to 2.1 million cfd, the news agency said.

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“These discoveries will strengthen the kingdom’s ability to meet both domestic and global energy demand for decades,” Prince Abdulaziz said.

The company, in which the Saudi government and the Public Investment Fund (PIF) still collectively have 97.5 percent of the shares, has forecast potential operating cash flows of $9 billion-$10 billion from growth in its upstream gas business and $8 billion-$10 billion from growth in its downstream business by 2030.

Aramco’s shares, which account for more than 60 percent of the capitalisation of the Tadawul, the main Saudi exchange, are down 10 percent in the year to date.