Saudi Aramco discovers 14 new oil, gas fields

The discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs. Reuters
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Updated 10 April 2025
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Saudi Aramco discovers 14 new oil, gas fields

  • Further cements Saudi Arabia’s position as a global energy leader

RIYADH: Saudi Aramco has made a series of groundbreaking oil and gas discoveries in the Eastern Province and the Empty Quarter, further cementing Saudi Arabia’s position as a global energy leader.

Announced by Energy Minister Prince Abdulaziz bin Salman on Wednesday, the discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs—highlighting the Kingdom’s vast and growing hydrocarbon potential.

In the Eastern Province, the Jabu oil field was identified after very light Arab crude oil flowed at a rate of 800 barrels per day from well Jabu-1.

Another notable find was in the Sayahid field, where very light crude flowed from well Sayahid-2 at a rate of 630 bpd. The Ayfan field also showed promising results, with well Ayfan-2 producing 2,840 bpd of very light crude and approximately 0.44 million standard cubic feet of gas per day.

Further exploration confirmed the Jubaila reservoir in the Berri field, where light crude flowed from well Berri-907 at a rate of 520 bpd, along with 0.2 MMscf of gas daily. Additionally, the Unayzah-A reservoir in the Mazalij field yielded premium light crude from well Mazalij-64 at 1,011 bpd, coupled with 0.92 MMscf of gas per day.

In the Empty Quarter, the Nuwayr field produced medium Arabian crude at 1,800 bpd from well Nuwayr-1, along with 0.55 MMscf of gas daily. The Damdah field, tapped via well Damda-1, showed medium crude flow from the Mishrif-C reservoir at 200 bpd, and very light crude from the Mishrif-D reservoir at 115 bpd. The Qurqas field also produced medium crude at 210 bpd from well Qurqas-1.

Regarding natural gas, notable discoveries were made in the Eastern Province. Gas was found in the Unayzah B/C reservoir of the Ghizlan field, with well Ghizlan-1 yielding 32 MMscf of gas per day and 2,525 barrels of condensate. In the Araam field, well Araam-1 produced 24 MMscf of gas per day along with 3,000 barrels of condensate. Unconventional gas was also discovered in the Qusaiba reservoir of the Mihwaz field, where well Mihwaz-193101 produced 3.5 MMscf per day and 485 barrels of condensate.

In the Empty Quarter, significant natural gas flows were recorded in the Marzouq field, with 9.5 MMscf per day from the Arab-C reservoir and 10 MMscf from the Arab-D reservoir. Additionally, the Upper Jubaila reservoir yielded 1.5 MMscf of gas per day from the same well.

Prince Abdulaziz emphasized the importance of these discoveries, noting their contribution to solidifying Saudi Arabia’s leadership in the global energy sector and enhancing the Kingdom’s hydrocarbon potential.

These findings are expected to drive economic growth, strengthen Saudi Arabia’s ability to meet both domestic and international energy demand efficiently, and support the country’s long-term sustainability goals. They align with the objectives of Vision 2030, which aims to maximize the value of natural resources and ensure global energy security.


Kuwait to boost Islamic finance with sukuk regulation

Updated 05 February 2026
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Kuwait to boost Islamic finance with sukuk regulation

  • The move supports sustainable financing and is part of Kuwait’s efforts to diversify its oil-dependent economy

RIYADH: Kuwait is planning to introduce legislation to regulate the issuance of sukuk, or Islamic bonds, both domestically and internationally, as part of efforts to support more sustainable financing for the oil-rich Gulf nation, Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah said on Wednesday.

Speaking at the World Governments Summit in Dubai, Al-Sabah highlighted that Kuwait is exploring a variety of debt instruments to diversify its economy. The country has been implementing fiscal reforms aimed at stimulating growth and controlling its budget deficit amid persistently low oil prices. Hydrocarbons continue to dominate Kuwait’s revenue stream, accounting for nearly 90 percent of government income in 2024.

The Gulf Cooperation Council’s debt capital market is projected to exceed $1.25 trillion by 2026, driven by project funding and government initiatives, representing a 13.6 percent expansion, according to Fitch Ratings.

The region is expected to remain one of the largest sources of US dollar-denominated debt and sukuk issuance among emerging markets. Fitch also noted that cross-sector economic diversification, refinancing needs, and deficit funding are key factors behind this growth.

“We are about to approve the first legislation regulating issuance of government sukuk locally and internationally, in accordance with Islamic laws,” Al-Sabah said.

“This enables us to deal with financial challenges flexibly and responsibly, and to plan for medium and long-term finances.”

Kuwait returned to global debt markets last year with strong results, raising $11.25 billion through a three-part bond sale — the country’s first US dollar issuance since 2017 — drawing substantial investor demand. In March, a new public debt law raised the borrowing ceiling to 30 billion dinars ($98 billion) from 10 billion dinars, enabling longer-term borrowing.

The Gulf’s debt capital markets, which totaled $1.1 trillion at the end of the third quarter of 2025, have evolved from primarily sovereign funding tools into increasingly sophisticated instruments serving governments, banks, and corporates alike. As diversification efforts accelerate and refinancing cycles intensify, regional issuers have become regular participants in global debt markets, reinforcing the GCC’s role in emerging-market capital flows.

In 2025, GCC countries accounted for 35 percent of all emerging-market US dollar debt issuance, excluding China, with growth in US dollar sukuk issuance notably outpacing conventional bonds. The region’s total outstanding debt capital markets grew more than 14 percent year on year, reaching $1.1 trillion.