Saudi Aramco Discovered Eight New Oil and Gas Fields in 2014


DUBAI, May 11 (Reuters) - Saudi Arabia's state oil company Saudi Aramco discovered eight new oil and gas fields in the east of the country in 2014, the company said in its annual report on Monday.

Aramco did not give figures on estimated reserves or production rates for the new fields but said they represent the highest number of discoveries in the company's history.

"Upstream, we reliably met domestic and international demand, discovered eight new fields and booked reserves that significantly exceeded production - despite the fact our combined oil and gas production approached an all-time high," chairman Khalid al-Falih wrote in the report.

There were five new gas fields, named Abu Ali, Faras, Amjad, Badi and Faris, with two oil fields, Sadawi and Naqa. The other was an oil and gas field named Qadqad.

"This brings our total number of discovered fields to 129," the company said.

Aramco produced 9.5 million barrels per day (bpd) on average in 2014 and exported a total of 2.5 billion barrels to customers around the world, the report said.

Top oil exporter Saudi Arabia, which has output capacity of 12.5 million bpd, pumped 10.29 million bpd in March.

The company said at the end of 2014 that crude oil and condensate reserves stood at 261.1 billion barrels while natural gas reserves registered 294 trillion cubic feet, both record highs.

Saudi Arabia has about 100 major oil and gas fields, but more than half of its oil reserves are contained in eight fields in the northeast portion of the country, according to the U.S. Energy Information Administration.

Its giant Ghawar field is the world's largest oil field in terms of production and total remaining reserves.

(Reporting by Rania El Gamal and Reem Shamseddine; Editing by David Goodman)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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