Farhan Hassan*
Gas Al-Hajrah & Oil Al-Talul

After the Minister of Energy, Prince Abdulaziz bin Salman, announced that Saudi Aramco had discovered two new oil and gas fields at the North of the kingdom, namely the Hadit Al-Hijra gas field in the Al-Jouf region and the Abraq Al-Toulol oil field in Al-Jawf. 

Aramco shares rose 0.5 percent, according to CNBC International NEWs. Also, as per "Reuters", Brent crude futures for November delivery advanced to 46.38 dollars a barrel earlier, the highest level since March, and recorded 46.27 dollars a barrel.

Equivalent to 1 percent. US West Texas Intermediate crude reached 43.25 dollars a barrel, up 28 cents, or 0.7 percent. Brent ended August with a price increase for the fifth straight month.

The gas began to flow from the Hadaba Al-Hajarah field at a daily rate of 16 million standard cubic feet, in addition to 1944 barrels of condensate, as this type of petroleum that is not usually classified as crude oil because it is very light.

Abraq Al-Talol field also started producing 3,000 barrels per day of crude, 49,000 barrels of condensate, and 1.1 million cubic feet of gas.

Earlier this year, Aramco stated in its report of the financial results for the first quarter of 2020 that an oil field was discovered in the Central Business District.

In addition to that , the resumption of its operations in the joint Khafji operations during the first quarter, through the Gulf Aramco Business Company Limited in the divided marine area located between Saudi Arabia and Kuwait.

Announcing these discoveries during this period or stage is a successful vision and strategy that in order to support, stimulate or at least preserve the gains that took place in the oil market Under the circumstances of the Corona pandemic, geopolitical matters in the region, the economic sanctions upon some countries and companies of oil producer and the economic war between the United States and China.

It is to be commended here for the efforts of the Minister of Energy and his team, either from the Ministry or from Aramco, for their professionalism and ability to deal with such circumstances and surprises, that as many of them were unexpected in the energy market, which is very volatile market as known. As these actions will serve and enhance the vision of the Kingdom and its economic future.


 

Farhan Hassan

‏e-mail: fhshasn@gmail.com

Twitter: @farhan_939


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