Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi has announced that Saudi Aramco had discovered a new oilfield in the Kingdom’s eastern region, stated a press release.
The new field, called Yerbin, is located approximately 260 kilometers southeast of Riyadh on the southern edge of the giant Al-Ghawar oilfield. Al-Naimi said that the drilling of the first well began in May 2002. The well recently yielded an average of 5,100 barrels per day of very light crude and 7.4 million cubic feet of gas.
Saudi Arabia sits on the world's biggest oil reserves with an estimated 261 billion barrels and has proven natural gas reserves of 220 trillion cubic feet. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
