Saudi Arabia Announces Discovery of Four New Oil and Gas Fields, Likely to Boost Production

Team Latestly
·1-min read

Riyadh, December 27: The Kingdom of Saudi Arabia on Sunday confirmed the discovery of four new oil and gas fields in the country. The new discovery is expected to boost the production of crude oil and natural gas. The country so far remains the world's highest producer of petroleum products. Saudi Arabia, Turkey Suspend International Flights Over New Coronavirus Strain in UK.

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The new oil and gas fields were discovered in an expedition led by state-run oil producer Aramco. Among the new fields that were located includes one in Al-Ajramiyah well, northwest of the city of Rafhaa. The field can boost production by around 3,850 barrels per day.

Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Energy Minister, also confirmed the discovery of non-conventional oil in Al-Reesh oil field, north-west of Dhahran. A similar discovery was made in in the Al-Sarrah reservoir at the Al-Minahhaz well, southwest of the Ghawar oilfield.

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Saudi Arabia's economy is largely dependent on the global demand for petroleum products. The country saw a meteorological economic rise over the past century, due to the widespread use of petrol and diesel.

The Kingdom, however, has unveiled an ambitious "2030 Vision" plan which aims to reduce dependency of oil on the economy by half. The country aims to draw investment in other sectors of production, and is also looking to expand tourism by easing the strict restrictions placed on outsiders.