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Saudi Arabia finds 5 oil fields, 3 gas fields
Source: BI-ME and agencies , Author: BI-ME staff
Posted: Mon January 5, 2009 12:00 am
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SAUDI ARABIA. The world's top oil exporter Saudi Arabia said on Monday it had discovered five new oilfields and three gasfields in the Eastern Province, the state news agency SPA reported.

Four of the oilfields were on land and one was offshore, Oil Minister Ali al-Naimi said in a statement carried by SPA.

He named as the wells as Jaouf-11, Ramthan-9, Nayashen-1, Jarid-11, Jarid-101 and Khursaniya-114. In test drilling the biggest producing wells were Jaouf-11 at 2,551 barrels a day and Nayashen-1 at 2,076 bpd. The three gasfields, Arabiya-1, Rabib-1, Hisbah-16, are all offshore, he said.

Saudi Arabia holds a fifth of the world's oil reserves, at around 260 billion barrels. The statement did not say how much the new finds would boost reserves.

The recent decline of crude oil prices as well as the increased investment in exploration and new field finds has pushed industry analysts to re-think global peak oil, or the idea that global production is near an apex after which it will decline sharply.

The theory of peak oil was first suggested by geoscientist Marion King Hubbert, who in 1956 predicted US oil production would peak between 1965 and 1970.

Figures from the US government Energy Information Administration show crude oil production peaked in the United States in 1970.

The Hubbert peak curve is a bell-shaped model of production for a particular country, region or the world, given an assumed total recoverable volume.

The theory has long been considered marginal, and premature declarations and inaccurate predictions have weakened its credibility.

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