Saudi Arabia’s national oil company Saudi Aramco discovered two new oil and gas fields, the country’s state-run Saudi News Agency (SPA) reported on Monday citing the country's energy minister.
Energy Minister Prince Abdul Aziz bin Salman announced that Saudi Aramco had discovered a gas field called Hadbat Al-Hajarah in the Al-Jouf region and an oil and gas field called Abraq Al-Tuloul in the Northern Borders region.
The Hadbat Al-Hajarah field, located east of Sakaka, is estimated to have a flow rate of 16 million standard cubic feet of gas per day as well as approximately 1,944 barrels of condensate per day.
The energy minister said the discovery of Abraq Al-Tuloul is expected to contain 'unconventional super light Arabian crude', with flow rates of 1.1 million cubic feet of gas per day and 3,189 barrels per day of condensate.
Saudi Arabia holds 269 billion barrels, or 17.2%, of total global reserves after Venezuela.
The oil and gas sector accounts for about 50% of gross domestic product, and about 70% of export earnings.
By Sibel Morrow