RIYADH (Reuters) – The world’s largest oil exporter Saudi Arabia has discovered two new oilfields near Ghawar, the the world’s largest field, Oil Minister Ali al-Naimi told the state news agency SPA on Tuesday.
Output from one of the fields was light crude with an API gravity measure of 35 degrees. The Derwaza-1 well on that field, 70 kilometres southeast of Ghawar, produced 5,569 barrels per day of oil and 2.8 million cubic feet per day of gas, SPA said.
The second field produced heavy crude with an API gravity of 27.4 degrees, SPA said. The Mabrouk-1 well there, 30 kilometres southeast of Ghawar, produced 5,600 barrels per day of heavy crude and 2 million cubic feet per day of associated gas.
Actual production levels from the fields would exceed the levels from the two wells, SPA said.
Saudi Arabia holds a quarter of the world’s oil reserves, with about 260 billion barrels.
Naimi announced another oil and gas discovery near Ghawar in February.