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.
The combined company is expected to generate annual synergies of $1.2 billion and will operate as Cenovus Energy Inc with headquarters in Alberta.
Laredo Petroleum remains “focused on executing similar, reasonably-priced bolt-on acquisitions around our core position in Howard County,” CEO Jason Pigott says.
Cracks have begun to show in the traditional performance metrics for executive compensation in the oil and gas industry, and there’s a growing push to reconsider them in the new environment.