Saudi Aramco Discovered Eight New, Oil Gas Fields in 2014

Saudi Aramco discovered eight new oil and gas fields last year, the state owned company said in its 2014 annual report released Monday.

“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.

The company discovered five gas fields: Abu Ali, Faras, Amjad, Badi, and Faris; and one oil and gas field, Qadqad. Two oil fields discovered last year are Sadawi and Naqa.

Without giving details about the reserves of the new fields, the company said they represent the highest number of discoveries in the company's history.

At the end of 2014, Aramco’s natural gas reserves stood at a record high of 294 trillion cubic feet.

“Gas exploration and production programs, both conventional and unconventional, made major advances during the year. The importance of this progress cannot be overstated, as natural gas is increasingly vital to the Kingdom to provide clean energy for domestic needs and feedstock for value-added products that help to diversify the national economy,” Ali I. Al-Naimi minister of Petroleum and Mineral Resources said.