Saudi Aramco discovered 8 new oil and gas fields in 2014

Updated 11 May 2015
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Saudi Aramco discovered 8 new oil and gas fields in 2014

JEDDAH: Saudi Aramco discovered eight new oil and gas fields in the east of the country in 2014, the company said in its annual report.
Saudi Aramco did not give figures on estimated reserves or production rates for the new fields but said they represent the highest number of discoveries in the company’s history.
“Upstream, we reliably met domestic and international demand, discovered eight new fields and booked reserves that significantly exceeded production — despite the fact our combined oil and gas production approached an all-time high,” Chairman Khalid Al-Falih wrote in the report.
There were five new gas fields, named Abu Ali, Faras, Amjad, Badi and Faris, with two oil fields, Sadawi and Naqa. The other was an oil and gas field named Qadqad.
“This brings our total number of discovered fields to 129,” the company said.
Saudi Aramco produced 9.5 million barrels per day (bpd) on average in 2014 and exported a total of 2.5 billion barrels to customers around the world, the report said.
Saudi Arabia, which has output capacity of 12.5 million bpd, pumped 10.29 million bpd in March.
The company said at the end of 2014 that crude oil and condensate reserves stood at 261.1 billion barrels while natural gas reserves registered 294 trillion cubic feet, both record highs.
Saudi Arabia has about 100 major oil and gas fields, but more than half of its oil reserves are contained in eight fields in the northeast portion of the country, according to the US Energy Information Administration.
Its giant Ghawar field is the world’s largest oil field in terms of production and total remaining reserves.
The report said that Aramco’s Sadara joint venture with The Dow Chemical Company is on schedule for an initial start up in the third quarter of 2015 and all process units will be on-stream within one year of start up.
Sadara is on track to be the first chemical complex in the countries of the Gulf Cooperation Council (GCC) to use naphtha as part of its feedstock. This advance will lead to new specialty chemicals plants and businesses in the Kingdom and open up a new range of downstream opportunities, which in turn will help create high-quality jobs for Saudi nationals, according to the report.
“We run the world’s largest corporate training program. More than 28,000 apprentices and 5,000 college students have graduated from our programs since their inception.” said Huda M. Al-Ghoson, executive director, human resources, in the annual report.


Lebanon’s Jammal Trust Bank forced to close by US sanctions

Updated 19 September 2019

Lebanon’s Jammal Trust Bank forced to close by US sanctions

  • Jammal Trust Bank is accused of helping to fund the Hezbollah movement in Lebanon
  • The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain

BEIRUT: Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by US sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday.
The central bank said the value of the bank’s assets, and its share of the national deposit guarantee body, were “in principle enough to pay all deposits and commitments.”
Jammal Trust Bank denied the US allegations in August after the bank and its subsidiaries were hit with sanctions, accused of helping to fund the Hezbollah movement in Lebanon.
“Despite its sound financial situation ... and its full compliance with banking regulations, the (bank) was forced to take the decision to liquidate itself in full coordination with the central bank,” Jammal Trust said in a statement.
The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain, its website says.
It is a relatively small lender, with net assets of 1,600 billion Lebanese pounds ($1 billion) at the end of 2017, according to the annual report on the latest year for which data is available.
Washington has sought to choke off Hezbollah’s funding worldwide, with sanctions among a slew of steps against Tehran since US President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.