Saudi Aramco, the world’s largest state-run oil company, discovered a new oilfield in the Persian Gulf kingdom, the official Saudi Press Agency reported today, citing the country’s oil minister, Ali al-Naimi.
A well, known as Dirwazah-1, located 70 kilometers (44 miles) southeast of Ghawar, the world’s largest single oil deposit, pumped at least 3,915 barrels a day of crude and 11.9 million cubic feet a day of associated gas during tests, Saudi Aramco said in an e-mail.
Al-Naimi said last month that Saudi Arabia, also the largest producer in the 12-member Organization of Petroleum Exporting Countries, had 3 million barrels a day of spare oil output capacity.
Persian Gulf states such as Saudi Arabia, the United Arab Emirates and Qatar, which pump about a fifth of the world’s oil are investing billions of dollars to expand production facilities and search for new deposits as ageing fields decline.
Saudi Aramco Makes New Oil Find Near Ghawar
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