State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom's energy minister said Aug. 30, state news agency SPA reported.
The energy minister Prince Abdulaziz bin Salman Al-Saud said the new Abraq al-Toloul oil field, which lies to the south east of the northern city of Arar, flows with a daily rate of 3,189 bbl/d of Arab light crude oil, along with 3.5 MMcf of natural gas.
Hadabat al Hajara gas field in al-Jof region has a daily production rate of 16 MMcf of natural gas, along with 1,944 bbl/d of oil condensate, according to the minister.
Aramco will carry on with its efforts to estimate the total amount of oil and gas in the two fields and is drilling more wells to determine their areas and capacities, he added.
OPEC+ had been expected to extend existing cuts until at least March, after backing down from earlier plans to boost oil output by 2 million bbl/d.
OPEC, Russia and allies, a group known as OPEC+, had previously been expected to extend existing oil cuts of 7.7 million bbl/d, or 8% of global supplies, until at least March.
Magellan Midstream Partners said on Dec. 2 it will invest about $4.65 million to increase truck loading capacity at its refined oil products Cheyenne terminal in Wyoming by more than 50%.