SAUDI DISCOVERS 14 NEW OIL AND GAS FIELDS AND RESERVOIRS

Fri 11 April 2025:

Saudi Energy Minister Prince Abdulaziz Bin Salman announced yesterday that the Saudi Arabian Oil Company, Saudi Aramco, has made 14 new discoveries of Arabian oil and natural gas fields and reservoirs in the Eastern Province and the Empty Quarter. These discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs.

The energy minister stressed that these discoveries open new horizons for economic development and support the kingdom’s ability to meet local and global energy demands efficiently and sustainably for decades to come. These discoveries will also contribute to ensuring sustainable economic growth and prosperity, in line with Vision 2030 and the kingdom’s ambitious goals to maximise the value of its natural resources and ensure global energy security, he added.

__________________________________________________________________________

https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22

__________________________________________________________________________

Here’s a concise explanation of Saudi Arabia’s oil history:

Saudi Arabia’s oil story began in 1932, when the kingdom was founded, but the real game-changer came in 1938. Standard Oil of California (Socal), later Chevron, struck oil at Dammam No. 7 after years of dry wells, uncovering the vast Ghawar field—still the world’s largest. The Arabian American Oil Company (Aramco), formed in 1944 with U.S. partners like Exxon and Mobil, scaled up production. By the 1950s, Saudi Arabia was a global oil player, pumping millions of barrels daily.

The 1970s marked a shift. Amid the 1973 Arab-Israeli War, Saudi-led OPEC imposed an oil embargo on the U.S. and others supporting Israel, spiking prices and flexing geopolitical muscle. That decade, Saudi Arabia gradually bought out Aramco’s American stakes, fully nationalizing it by 1980. Oil revenue fueled modernization—roads, schools, cities—transforming a desert kingdom into a wealthy state.

Since then, Saudi Arabia has balanced massive reserves (about 17% of the world’s total) with OPEC production cuts to stabilize prices. Today, it produces around 9-10 million barrels daily, down from a 2016 peak of 12 million, as it diversifies under Vision 2030 to reduce oil dependence. Still, oil remains its economic backbone, shaping its global clout for nearly a century.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

__________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22