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Saudi Arabia's energy ministry announced on Monday that seven oil and gas deposits had been discovered in the country's eastern province and the desert Empty Quarter, the Associated Press reported.
Saudi Energy Minister Abdulaziz bin Salman said the new discoveries include two unconventional oil fields, a light Arabian oil reservoir, two natural gas fields and two gas reservoirs, all of which were explored by Saudi Aramco, the Saudi national oil group.
Saudi Aramco is a large state-owned enterprise in the Kingdom, with a total oil and gas reserves of 259 billion barrels, ranking sixth in the world in terms of market capitalization.
In the Eastern Province of Saudi Arabia, Aramco has successfully explored two unconventional fields and a reservoir. Among them, the "Ladam" unconventional field has become the focus of attention with its production of 5,100 barrels per day of very light Arabian crude oil and about 4.9 million standard cubic feet of associated natural gas. Not to be outdone, the Al-Farouk-4 well produced 4,557 barrels per day of Arabian ultralight oil and about 3.79 million standard cubic feet of associated natural gas. In addition, the Mazalij-62 well in the Mazalij field also revealed the existence of the "Unayzah B/C" reservoir, which produces about 1,780 barrels of light oil per day and about 700,000 standard cubic feet of associated natural gas, providing a new direction for further development of the field.
In terms of natural gas resources, Saudi Aramco has also gained a lot. Well Al-Jahaq-1 in the Al-Jahaq field produces 5.3 million standard cubic feet of natural gas per day, while the Al-Arab-D reservoir at the same wellhead increases production to approximately 1.1 million standard cubic feet per day. In the "Al-Katuf" field, the Al-Katuf-1 well produces up to 7.6 million standard cubic feet of natural gas per day and is associated with about 40 barrels of condensate, demonstrating the huge potential of the field in the natural gas field. In addition, the "Hanifa" and "Al-Fadhili" reservoirs discovered in the Asikra-6 well in the "Asikra" field have also produced about 4.9 million standard cubic feet of natural gas per day and 600,000 standard cubic feet of natural gas, respectively, adding new strength to Saudi Aramco's natural gas reserves, while the associated condensate has further enriched its oil and gas product mix.
As one of the world's largest oil exporters, Saudi Arabia's new discoveries will have a significant impact on the global energy landscape.
Looking back at the oil industry:
Global oil reserves in 2020: Saudi Arabia ranks second
At the national level, global oil reserves are clearly concentrated, with Venezuela (17.54%), Saudi Arabia (17.17%), Canada (9.70%), Iran (9.11%) and Iraq (8.37%) firmly occupying the top five in the world.
In 2020, the distribution of global oil production: Saudi Arabia ranked third
From the perspective of regional structure, the top 10 countries in oil production in 2020 are the United States, Russia, Saudi Arabia, Canada, Iraq, the United Arab Emirates, etc. The United States is the world's largest oil producer, accounting for 17.11% of the world's total oil production, and has become the country with the largest increase in global production for the third consecutive year.
Natural gas is a clean energy source, and the demand for natural gas is growing in the context of the global energy transition. Saudi Arabia's new discovery will provide more resources to support the global natural gas market, which is expected to meet the growing global demand for natural gas.
Look back at the gas industry
Distribution of proven natural gas reserves in the world
According to statistics from British Petroleum (BP), as of the end of 2021, the world's proven natural gas reserves were 188.1 trillion cubic meters, the same as in 2020. However, major breakthroughs have been made in risk exploration in the Black Sea Basin, the West Siberian Basin, the Ortenigua, the Suriname Basin, the Santos Basin, and other regions. According to the China Natural Gas Development Report (2023), 92 new gas fields were discovered in the world in 2022, with new reserves of 1.23 trillion cubic meters, all higher than the previous year. The world's remaining proven recoverable reserves of natural gas amount to 193 trillion cubic meters.
China is the world's largest importer of natural gas
In 2022, the world natural gas trade volume was 968.5 billion cubic meters, down 5.1% year-on-year. Among them, the trade volume of pipeline natural gas was 426.1 billion cubic meters, accounting for 44% of the total trade; LNG trade volume was 542.4 billion cubic meters, accounting for 56% of the total trade volume.
Among them, European countries imported a large amount, with a total of 321.1 billion cubic meters, accounting for 33.2% of global trade; China has become the world's largest importer of natural gas with 151.6 billion cubic meters of imports, accounting for 15.7% of global natural gas trade.
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