Saudi Arabia, the world’s largest oil producer, was reported to have run for 70 years of the estimated reserves reported to OPEC countries in 2015, but has now discovered four new oil and gas fields. After Saudi Arabia’s Energy Minister Prince Abdul Aziz bin Salman announced it on Sunday, the world is once again eyeing this country.
Non-conventional oil has been discovered in the Al-Reish oil field of Dhahran, northwest of Saudi Arabia. The city is a major administrative center of the country’s oil industry. The number two well here will produce 4,452 barrels of crude oil and 3.2 million standard cubic feet of natural gas every day. The well number-4 will produce 3,654 barrels of oil and 1.6 million cubic feet of gas per day. Similarly, the initial production of well No. 3 will be 2,745 ballot per day and 3 million cubic feet of gas production.
Similarly, the fourth discovery has been made in Al-Sarah pond located on the Al-Minhaj well. It is in the Ghawar oil field in the southwest. According to the minister, the discovery of the Al-Reish region is important because it shows that it is possible to extract crude oil from the Tuvac mountains as well.
Saudi Arabia’s Energy Minister Prince Abdul Aziz bin Salman said the Aramco company has also discovered oil in Al-Azramiyyah, which will produce 3,850 barrels per day. The company is now working on the size and volume of newly discovered fields to estimate the total oil and gas present there. It is believed that many other natural resources have also been discovered in this discovery.
The Statistical Review of World Energy released a report in 2016 stating that Saudi Arabia has so far sold 94 billion barrels of oil. Despite this, its reserves are officially 260 to 265 barrels. If these figures are true, then the estimated reserves of oil that Saudi has discovered will increase tremendously.