Saudi Arabia announces major oil, gas discoveries

RIYADH

Saudi Arabia on Monday announced the discovery of seven oil and natural gas deposits in the country’s Eastern Province.

The discovery was made by Aramco, Saudi Arabia's state-owned oil company, Saudi Energy Minister Prince Abdulaziz bin Salman said in a statement cited by the state news agency SPA.

Aramco "has discovered two unconventional oil fields, one Arabian light oil reservoir, two natural gas fields, and two natural gas reservoirs in the Eastern Province and the Empty Quarter,” he added.

Saudi Arabia is the world's largest crude oil exporter and leader of the Organization of Petroleum Exporting Countries (OPEC).

Aramco’s oil production hit 500,000 barrels per day (bpd) in 1949, and the company currently produces around 9 million bpd, making it one of the world’s largest oil producers.

*Writing by Ahmed Asmar