Saudi Aramco makes new oil and gas discoveries

Oil giant discovers new oil and gas fields in the northern region of Abraq al-Toloul and al-Jof

  
Spheroids under reconstruction are pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image for illustrative purposes.

Spheroids under reconstruction are pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image for illustrative purposes.

REUTERS/Maxim Shemetov

Saudi Arabian state oil group Aramco has discovered two new oil and gas fields in the northern region of Abraq al-Toloul and al-Jof.

According to the Saudi Minister of Energy, Prince Abdulaziz bin Salman Al-Saud,  the new oil field in Abraq al-Toloul, flows with a daily rate of 3,189 barrels per day (bpd) of crude oil, along with 1.1 million cubic feet of natural gas, SPA reported.

The natural gas from al-Sarara reservoir in the Haddah al-Hajrah field flows at a rate of 16 million standard cubic feet per day, along with 1,944 barrels of condensates.

Aramco will continue to assess quantities of oil, gas and condensate in the two fields, besides digging more wells to determine their area and size, SPA reported citing the minister.

Aramco's profit plunged 73 percent in the second quarter of the year due to lower crude oil prices and plunging refining and chemicals margins as COVID-19 hit demand and sales.

Second quarter net profit was down at 24.6 billion riyals ($6.57 billion) compared to 92.6 billion riyals in the same quarter last year.  However the company still plans to pay $75 billion in dividends this year.

(Writing by Seban Scaria ; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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