Saudi Arabia announces discovery of major oil, gas deposits

Saudi Arabia's energy minister has announced the discovery of seven oil and gas deposits in the kingdom's Eastern Province and Empty Quarter, the official Saudi news agency SPA reported.

Saudi Energy Minister Prince Abdulaziz bin Salman said state oil group Saudi Aramco had discovered “two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs”.

Two unconventional oil fields and one reservoir were discovered in Saudi’s Eastern Province while two natural gas fields and two reservoirs in the Kingdom’s Empty Quarter.

The discovery was made by Aramco, Saudi Arabia’s state-owned oil company.

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.

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