Saudi Arabia announces four new oil and gas fields

Saudi Arabia has announced that the country’s national oil and gas group Saudi Aramco has discovered four new oil and gas fields in the country’s territorial waters.

According to Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy, non-conventional oil has been discovered in Al-Reesh oil field, northwest of Dhahran, while non-conventional gas has also been discovered in Al-Sarrah reservoir at Al-Minahhaz well, southwest of the Ghawar oil field.

The minister said the discovery at Al-Reesh field is especially important as it shows the potential to produce extra light crude oil.

Saudi Aramco is still working on determining the size and volume of the newly discovered fields.

Saudi Arabia, the world’s largest crude oil exporter, has around 17% of the world’s proven petroleum reserves.