International Finance
Oil & Gas

Aramco discovers two new oil fields in northern parts of the kingdom

Aramco oil fields_IFM_Imqge
The oil fields have been discovered in Northern region of Abraq Al Toloul and Al Jof

Saudi Arabia-based state-owned oil giant Aramco has discovered two new oil and gas fields in the Northern region of Abraq Al Toloul and Al Jof, according to Saudi Arabia’s energy minister.

Prince Abdulaziz bin Salman said the new oil field discovered by Aramco in Abraq al-Toloul produces nearly 3,189 barrels per day (bpd) of crude oil, along with 1.1 million cubic feet of natural gas.

Aramco’s chief executive officer Amin Nasser revealed earlier this month that the oil behemoth will go ahead with its plan to boost its output capacity by 1 million barrel of oil per day (bpd) to 13 million barrel of oil per day, according to its

He revealed that the Aramco will go ahead with its plan to boost output capacity despite a significant cut in its capital expenditure for 2020 and 2021.

Reportedly, during a conference call with its investors, Amin Nasser said, “We are proceeding with increasing our MSC (maximum sustainable capacity) from 12 to 13 million barrels … it should not have a major impact on capital in 2021.”

Aramco has revealed that its capital expenditure for 2020 will be at the lower end of a $25 billion to $30 billion range.

Earlier this year, Aramco announced that it will reorganise its downstream business to support its global growth strategy.

Aramco pumps around 8.5 million barrels per day (bpd) of crude, of which it exports about 6 million bpd.

Aramco said that its downstream model will be divided into four units which are fuels including refining, trading, retail and lubes; chemicals; power; and pipelines, distribution, and terminals.

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