Saudi Arabia Announces Discoveries of Natural Gas in Eastern Province, Empty Quarter

Gas pipelines are seen in the Kingdom. Photo: Aramco website
Gas pipelines are seen in the Kingdom. Photo: Aramco website
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Saudi Arabia Announces Discoveries of Natural Gas in Eastern Province, Empty Quarter

Gas pipelines are seen in the Kingdom. Photo: Aramco website
Gas pipelines are seen in the Kingdom. Photo: Aramco website

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz announced that Saudi Aramco has discovered two natural gas fields in the Empty Quarter: Al-Hiran and Al-Mahakik natural gas fields.

The discovery of Al-Hiran natural gas field was confirmed after gas flowed from Hanifa reservoir in the Al-Hiran – 1 well, at a rate of 30 Million standard cubic feet (MMSCF), and 1,600 Barrel of Condensates daily (BCPD), and from the Al-’Arab – C reservoir in the same field at a rate of 3.1 MMSCFD.
On the other hand, the discovery of Al-Mahakik natural gas field was confirmed after gas flowed from the Al-Mahakik – 2 well, at a rate of 0.85 MMSCFD.
Furthermore, Natural gas was also discovered in five reservoirs in previously discovered fields. It was discovered in the Jallah reservoir in the ‘Usaikerak field in the Empty Quarter, after gas flowed at a rate of 46 MMSCFD, in addition to discovering an additional natural gas reservoir in Shadoun field, west of Haradh, after gas flowed from ‘Unayzah – A reservoir, at a rate of 15.5 MMSCFD, with about 460 BCPD.
Natural gas was also discovered in ‘Unayzah B/C reservoirs in Mazalij field, southwest of Dhahran, where gas flowed at a rate of 14 MMSCFD, with about 4,150 BCPD, and in Al-Sarah reservoir in Al-Wadhihi field and Al-Qusaibah reservoir in Awtad field, southwest of Hofuf city, where natural gas flowed at a rate of 11.7 MMSCFD and 5.1 MMSCFD, respectively, with about 57 BCPD.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT

Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.