Saudi Arabia's official news agency Saudi Press Agency (SPA) has reported that four new oil and gas fields have been discovered in Saudi Arabia.
Saudi Arabia's Energy Minister Prince Abdul Aziz bin Salman announced this on Sunday.
Non-conventional oil has been discovered in the Al-Reish oil field of north-west Dhahran.
This city in the Eastern Province is a major administrative center of the country's oil industry.
How much oil will be produced?
Al-Reish's two number wells will produce 4,452 barrels of crude oil and 3.2 million standard cubic feet of natural gas every day.
At the same time, 465 wells will produce 3,654 barrels per day and 1.6 million standard cubic feet of gas. The initial production of 3 number wells will be 2,745 barrels per day and 3 million standard cubic feet of gas per day.
According to the minister, the discovery of the Al-Reish region is particularly important because it shows that it is possible to extract Arab Extra Light crude oil from the Tuwak Mountains.
Non-traditional oil has also been discovered in Al-Sarah pond located on Al-Minhaz well. It is in the Ghawar oil field of the south-west.
Possibility of getting other natural resources
The Energy Minister said that Saudi Aramco has also discovered oil in Al-Azramiyah. Test results show that 3,850 barrels per day will be produced from here.
This place is located on the Saudi-Iraqi border northwest of Rafha city.
The SPA quoted Prince Abdulaziz as saying that Saudi Aramco is working on the size and volume of newly discovered areas to estimate how much oil and gas there is.
He also informed that Saudi Arabia has also found a large amount of other natural resources in this discovery.
How much oil does Saudi Arabia have and how long will it last?
For oil experts for the last five decades, this question is nothing less than a mystery. According to the estimated reserves given by the Saudi government to the Organization of Oil Exporting Countries OPEC (Organization of the Petroleum Exporting Countries), the certified oil reserves are 266 billion barrels. OPEC gave this information in its annual bulletin in 2015.
If this number is correct, then Saudi oil reserves will end up in the next 70 years according to the average production of 12 million barrels per day. But there are enough doubts about the official figures. The reason for this is that in 1987, Saudi had declared its oil reserves 170 billion barrels, which was increased to 260 billion barrels in 1989.
According to the Statistical Review of World Energy 2016, Saudi Arabia has sold or spent 94 billion barrels of oil, yet officially its reserves are 260 to 265 billion barrels.
If the government's data is correct, it means that the Saudis have discovered new locations of oil or have increased the estimated reserves.
One of the grounds for increasing the estimated reserves may be that the locations from which oil is produced, there is more oil or that all the oil extracted so far has been supplied again.
But between 1936 and 1970, huge and uncountable locations of oil reserves have been discovered in Saudi. After this, new oil bases have not been discovered in Saudi compared to this.
The problem is that wherever the oil production is taking place, the government keeps a lot of confidentiality and estimated reserves. Its information is from a few people within.
In such a situation, it seems impossible to confirm any facts. There is also a question mark on the credibility of oil analysts that they are not in a position to tell when oil production will start falling in Saudi.
Saudi is currently producing the most oil. This has shocked the prediction that Saudi oil production will come down after reaching the summit.
Estimated reserves
There may be different ways to know the potential of oil production in the future. It can also be estimated that how many people are working in the oil industry.
One way to understand the oil reserves is also how big the oil treasure was before the start of production. Before the start of production, oil treasury refers to the original oil in place (OOIP).
Gas Prices Hike: Mahanagar Gas gave shock the public, and increased the prices of CNG and PNG again
Mahanagar Gas on Friday once again dealt a blow to the general public, citing rising costs and a short supply of gas. Mahanagar Gas announced another hike in retail prices of auto fuel and LPG. The
Amritpal Singh: Amritpal spewed poison in the name of the community, and said- If he had the intention, he could have arrested me from home, but...
Chief of Waris Punjab De and Khalistan supporter Amritpal Singh has not yet come to the hands of the police. He is absconding since March 18. CCTV footage of many places also came to the fore, in
Hamas Israel War: 'Israel ready to stop the war a little, but...', know what PM Netanyahu said on the ceasefire
The ongoing war between Israel and Hamas is going to last for about a month. The chances of this war stopping are not visible far and wide. About 11 thousand people have died so far. Many countries
8 areas sealed in Prayagraj due to infection, all things except important things closed
The infection of Covid-19 is spreading very rapidly in Prayagraj. There are some areas of Prayagraj, where the maximum number of patients of Covid-19 have been exposed. Due to this, the district
Cough Syrup: Ban imposed in Tamil Nadu, drug controller suspended in Rajasthan; what happened in the cough syrup case?
Following the deaths of 12 children in Madhya Pradesh and Rajasthan, the Tamil Nadu government has completely banned the sale of "Coldrif" cough syrup and ordered its removal from the market. The sale
Nepal's political crisis: who has the key to power now?
The political crisis that has arisen in Nepal since the suspension of the House of Representatives by Prime Minister KP Sharma Oli in December last year has not been postponed.
Imran Khan Attack Update: After the attack on Imran Khan, there is a lot of tension in Pakistan, the command may go into the hands of the army
Imran Khan Attack: One person was killed and 13 others, including Pakistan Tehreek-e-Insaf Party (PTI) MP Faisal Javed, were injured in a shootout at a rally of former Pakistan Prime Minister Imran
New Rules from October 2022: These rules will change from October 1, know what is going to affect you?
Like every month, many rules are going to change from October. Changing these rules will affect the consumers at large. Changing some of these rules can also increase the extra burden on your pocket.
PM Modi launched the World Dairy Summit in Greater Noida, said - Small farmers are the strength of the dairy sector in India
IDF World Dairy Summit 2022: Prime Minister Narendra Modi in his address after inaugurating the World Dairy Summit in Greater Noida said that India's dairy sector is a great business model for farmers
PM Modi's visit to Assam today, will gift projects worth 14,300 crores including AIIMS Guwahati; know schedule
PM Modi Assam Visit: Prime Minister Narendra Modi will visit Assam today i.e. on 14 April. During this, he will inaugurate and lay the foundation stone of various projects worth about Rs 14,300 crore.
