The country’s Energy Minister Prince Abdul Aziz bin Salman Al-Saud said that the new well No.2 in the Al-Reesh oil field northwest of Dharan produces 4,452 barrels of Arab extra light crude oil and 3.2 million standard cubic feet of natural gas per day. Aramco also drilled two more wells in the Al-Reesh oil field, the Saudi Press Agency reported. Well No.3 has an initial production of 2,745 barrels of extra-light crude oil and 3 million standard cubic feet of gas daily. No. 4 produces 3,654 barrels of extra-light crude oil and 1.6 million standard cubic feet of natural gas per day. Oil was also found in Al-Ajramiyah well No. 1 located northwest of Rafhaa city. The well produces 3,850 barrels of oil daily. Non-conventional gas was likewise discovered in Al-Minahhaz well, located southwest of the Ghawar oil field. The well produces 8 million standard cubic feet of gas and 98 barrels of condensate daily. Aramco also found gas in the Al-Sahbaa well located south of Ghawar. It produces 32 million standard cubic feet of gas per day.
Saudi Arabia’s black gold
The discovery is welcome news for the country that relies heavily on its gas and oil sector, which accounts for about half of its gross domestic product and about 70 percent of its export earnings. Oil is the number one exported product globally, and the country is the leading oil exporter. In 2018, Saudi was responsible for 16.1 percent of the world’s oil exports worth $182.5 billion in value. Prince Abdulaziz said that the discoveries underscore the wealth of natural resources Saudi Arabia has at its disposal.
