Saudi announces new natural gas discoveries in Empty Quarter, Eastern Province - Reuters
Saudi announces new natural gas discoveries in Empty Quarter, Eastern Province | Reuters
Saudi announces new natural gas discoveries in Empty Quarter, Eastern Province
Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo Acquire Licensing Rights
Nov 19 (Reuters) - Saudi Aramco (2223.SE) has discovered two new natural gas fields in the Empty Quarter region, the state news agency quoted Saudi energy minister Prince Abdulaziz bin Salman as saying on Sunday.
The discovery of the Al-Hiran gas field was confirmed after gas flowed at a rate of 30 million standard cubic feet per day, and 1,600 barrels of condensate daily. The Al-Mahakik gas field was confirmed after gas flowed from it at a rate of 0.85 million standard cubic feet, the agency said.
"Natural gas was also discovered in five reservoirs in previously discovered fields," the agency added, citing the minister.
Other discoveries were also announced in fields in the Eastern Province, according to the agency.
Aramco, overwhelmingly an oil producer, aims to boost its gas production by 50% by 2030 from 2021 levels.
It said in late September that it agreed to acquire a strategic minority stake in liquefied natural gas (LNG) company MidOcean Energy for $500 million, with an option to increase the stake - part of its push into natural gas.
Last month, Aramco Chief Executive Amin Nasser said Aramco was looking at more investments in LNG to boost its plans to become a leading player in the seaborne gas market.
Reporting by Andrew Mills, Ahmed Tolba and Omar Abdel- Razek; Editing by Emelia Sithole-Matarise and Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: Liquefied natural gas
Driven by plentiful natural gas produced from shale plays, the United States began exporting liquefied natural gas in 2016 when the Sabine Pass terminal in Louisiana opened and shipped its first cargo. Since then, additional capacity, or trains, have been added to Sabine Pass, and terminals have become operational in Cameron Parish, La.; Hackberry, La.; Cove Point, Md.; and Corpus Christi, Texas. The Energy Information Administration projects that U.S. LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making it the third largest in the world, behind Australia and Qatar. The tariff war with China has the potential to impact some final investment decisions for additional terminals in the coming months.