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Saudi Aramco discovers four new oil and gas fieldsMENA

Saudi Aramco discovers four new oil and gas fields

Saudi Aramco announced the discovery of four new oil and gas fields, according to a report by the Saudi Press Agency. The country’s Energy Minister, Prince Abdulaziz bin Salman Al Saud, said that the new findings took place in different parts of the country – including northwest of Dhahran, in Ahsa, and in the Northern Borders province.

Non-conventional oil was discovered in al-Reesh oil field and in al-Ajramiyah Well No. 1, while non-conventional gas was discovered in al-Sarrah reservoir at al-Minahhaz well, as well as at the al-Sahbaa well. The state oil company is still working to discover the actual size and volume of the newly-found fields.

why it matters
Saudi Aramco is the world’s second-largest oil producer, but they have struggled with the effects of high oil supply, including the deflation of oil prices, for most of this year. Saudi Arabia even revised its 2021 budget in order to respond to the crash. So, while Aramco may have found new sources, we can still expect lower production rates as a way to help the oil markets get back up.