Aramco announces the discovery of 7 new fields and affirms that it will continue to increase production to the level of 13 million barrels per day

[The SC]

24 March 2021

Saudi Aramco revealed that the exploration work resulted in the discovery of 7 new fields and a new reservoir during the year 2020, including three crude oil fields, including one unconventional discovery, and three fields, including two unconventional discoveries, and one unconventional reservoir. An unconventional field that contains oil and gas reservoirs. In addition, Saudi Aramco obtained approvals to develop the unconventional Jafurah gas field in the Eastern Province in February 2020 .

Saudi Aramco expects to continue preparing engineering details to implement government directives to increase the maximum sustainable production capacity from 12 million barrels per day to 13 million barrels per day during the year 2021.

It added that, through the exploration program, the company continued its efforts to achieve strategic goals and other goals related to increasing the Kingdom's reserves of crude oil and non-associated gas located in the ground. The program is in line with the principles of strategic value creation aimed at achieving the highest possible level of profitability and reducing research and development costs in the future by exploring high-value premium crude oil and accelerating the pace of exploration and identification programs for gas using infrastructure.



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[Philip the Arab]

 

[Beast]

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The problem is , oil are over supply at the moment and will be worst in near future.

 

[Michael Corleone]

The problem is , oil are over supply at the moment and will be worst in near future.

Shhh let the tent dwellers do more mistakes. These arrogant f need to learn a lesson

 

[Philip the Arab]

Shhh let the tent dwellers do more mistakes. These arrogant f need to learn a lesson

Eventually oil will rebound real question is when.

 

[Michael Corleone]

Eventually oil will rebound real question is when.

I don’t see it happening especially with shift to renewables and EV

 

[Philip the Arab]

I don’t see it happening especially with shift to renewables and EV

Oil is still very useful and will be for a while imo, they have been saying oil would die out for a long time but guess what?

 

[Michael Corleone]

Oil is still very useful and will be for a while imo, they have been saying oil would die out for a long time but guess what?

The only industry oil will survive in is airlines and ships for a long time tbh
Prices will drop further and so will airline ticket price.
unless spacex use their BFR rockets for intercontinental travel like they proposed

 

[The SC]

Eventually oil will rebound real question is when.

It is already at $70 and professional predictions say soon at $80..

Let the haters have their wet dreams..to sooth their sickness..

 

[Indos]

Congrat to Saudi, it is a promise from God to Ibrahim families as they leave Iraq to the land that can be considered as not fertile in Makkah just to fulfil God demand to Ibrahim to bring his wife and his kid there.

The problem is , oil are over supply at the moment and will be worst in near future.

70 USD per barrel as we speak and if OPEC and Saudi keep tight supply, I believe the price will be at around that rate for at least another 15 years.

 

[touela]

The only industry oil will survive in is airlines and ships for a long time tbh
Prices will drop further and so will airline ticket price.
unless spacex use their BFR rockets for intercontinental travel like they proposed

Petrochemical industry and most developing countries are dependent on oil for a looooooong time.

 

[Michael Corleone]

Petrochemical industry and most developing countries are dependent on oil for a looooooong time.

Basically africa, Asian countries with existing automotive industries plan to switch to EV and those like in bd want to start with EV

 

[aryobarzan]

Coming from a country that holds the world's largest Hydrocarbon reserves (OIL AND NATURAL GAS ) combined i can tell you that the significance of these molecules to humanity will never diminish...burning them for energy stored in them is the most primitive use of these Nobel molecules...look around your house and you will see that dependance..from your shopping bag to your mobile phone..

Countries that have these molecules in abundance will always be rich and subject to foreign interference..