FINANCIAL NEWS

Saudi Arabia announces new gas findings in the Red Sea

10 Oct 2012

(MENAFN) Saudi Aramco, the world’s largest oil producer, has announced a new discovery of natural gas reserves in the Red Sea, official news agency SPA reported.

SPA cited Saudi Oil Minister Ali Al-Naimi as saying that gas flowed at the rate of 10 million cubic feet a day at a test well at the depth of 17,700 ft.

Al-Naimi added that Saudi Aramco would drill more test wells in order to evaluate the size of the field.

Saudi Aramco is looking for gas all over the Kingdom to boost gas production to help meet rapidly rising Saudi fuel demand.

Saudi Arabia’s oil and gas reserves mostly lie in the Eastern Province of the country.

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