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.



Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.