Saudi Arabia hits JACKPOT, discovers 14 new…, Crown Prince Mohammed bin Salman calls it…, its economy to…
New Delhi: Amraco, a Saudi oil company, has found 14 oil and natural gas fields and oil reservoirs in the eastern region and the Empty Quarter of the country. According to a state news agency, SPA, the number of these reservoirs is high, but the quantity of gas and oil found in them is relatively low.
According to the announcement, Arab oil of various grades was found in six fields and two reservoirs, with a total production capacity of 8,126 barrels per day.
The discovery of natural gas from two fields and four reservoirs totaled approximately 80.5 million standard cubic feet per day (SCFD). The associated gas from oil fields and reservoirs reached up to 2.11 million SCFD. According to secondary sources in the March report of the producer group OPEC, the world’s top oil exporter produced around 9 million barrels per day of crude oil in February.
All You Need To Know About Saudi Arabia’s Oil Reserves:
- The main areas of Saudi Arabia’s oil reserves include the Ghawar Field (the world’s largest onshore oil field) and the Safaniya Field (the world’s largest offshore oil field).
- Both of these fields are operated by Saudi Arabia’s state-owned oil company, Saudi Aramco. Saudi Aramco is the world’s largest oil-producing company.
- Saudi Arabia possesses significant natural gas reserves, which are sufficient to meet all of its domestic consumption through local production.
- Oil was first discovered in Saudi Arabia in 1938.
World’s Second Largest Oil Reserves
It is important to note that Saudi Arabia holds the second-largest oil reserves in the world, estimated at approximately 267 billion barrels. This accounts for about 16–17 percent of the world’s total reserves. The country’s proven oil reserves are the second largest globally, after Venezuela. Additionally, Saudi Arabia’s estimated reserves of around 267 billion barrels represent approximately 22 percent of OPEC’s proven reserves.
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