Saudi Aramco discovers new gas field
The Saudi oil minister said the state-owned energy company made a natural gas discovery about 15 miles offshore in the Red Sea.
Saudi Oil Minister Ali al-Naimi said a natural gas field near the port of Dhuba produced around 10 million cubic feet per day during an initial testing at a depth of 17,700 feet. A test at a depth of 17,275 feet produced around 5.2 million cubic feet per day, the Saudi Press Agency reports.
The field was discovered by Saudi Aramco.
The country is shifting its energy mix to meet growing domestic demand. In September, a report from Citigroup predicted that Saudi Arabia may need to start importing oil by 2030 to meet domestic energy demand. More than 80 percent of the country's revenue is based on oil.
In terms of natural gas, Saudi Arabia ranks fourth in the world in proven reserves.