Saudi Arabia has discovered an oil field in the east of the country near the giant Ghawar field.
'Saudi Aramco has discovered a new oil field south east of Ghawar field,' the official Saudi Press Agency (SPA) quoted oil minister Ali Al Naimi as saying. 'On February 11, oil from the Derwaza-1 well ... flowed at a rate of 3,915 bpd associated with 11.9 million cubic feet of gas daily,' he added.
The well, 70 km (43.5 miles) south of Ghawar, is expected to produce at higher levels, he said. He gave no further details on the size of the find or potential future production.
Saudi Arabia claims about 260 billion barrels of reserves, nearly a quarter of the world's total, according to the BP Statistical Review. Saudi oil officials say it also has gas reserves of 242 trillion cubic feet, making it the world's fifth largest holder of proven gas reserves.
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