JEDDAH, 10 May 2005 — Saudi Arabia yesterday announced finding of a new oilfield in the eastern part of the country with a pumping capacity of 6,000 barrels per day.
Petroleum and Mineral Resources Minister Ali Al-Naimi said the new Halfaa-1 field located about 320 km north of Dhahran and 280 km southeast of Riyadh.
He said the field, which was tested on April 20, pumped 6,000 barrels of extra Arabian light crude per day in addition to 4.2 million cubic feet of gas. This is the second oilfield discovered by Saudi Aramco in less than a month. On April 18, Aramco announced the discovery of Duaiban-1, which can pump 3,300 barrels per day of sulfur-free crude.
As noted earlier this month (here and here), the question of Saudi oil production is a major question. Some believe Saudi output has peaked; others say not.
The Saudis themselves believe they have reserves that will permit them to pump oil at current levels, at least, for the next 50-70 years. Announcements like these suggest they may be right.
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May:10:2005 - 09:32
6,000 bpd? Isn’t that kind of small?
May:10:2005 - 11:41
In itself, 6K bbl/day is small, partcularly when compared to overall Saudi production and potential.
When coupled with other finds, though, not so small.