Building on more than eight decades of exploration experience in Saudi Arabia, our geoscientists continue to enhance our understanding of the Kingdom’s hydrocarbon resources. Through a long-term outlook, effective planning, and the use of cutting-edge technologies, we continue to find new fields, add reserves, and develop more efficient methods to produce and process oil and gas.
We recently marked progress toward increasing the recovery rate of oil in place from our major oil reservoirs with a plan to reach a recovery rate of 70%, helping to ensure sustainable and reliable supplies of energy for the Kingdom and consumers around the world.
Our exploration program — encompassing the Kingdom from the Rub’ al-Khali to the Red Sea and the northwestern region — continually pushes the boundaries of technology.
Powering prosperity for generations
During 2015, we discovered five new oil and gas fields, raising the total number of discovered oil and gas fields in the Kingdom to 134.
We continue to add to reserves through delineation drilling. By applying best-in-class reservoir studies, including sophisticated algorithms developed in-house to process and analyze high-definition 3-D seismic data, we have been able to successfully delineate and extend the booked limits of existing reservoirs. Our exploration program balances opening new frontiers and play concepts while maintaining an uninterrupted focus on delineation and appraisal programs in existing fields to realize their full potential and assess them for future development.
These increases are underpinned by our investments in the latest technology. At our Exploration and Petroleum Engineering Center (EXPEC) Computer Center we are able to model and characterize the performance of reservoirs over time to optimize field development and increase recovery. Our investments in seismic have yielded more efficient planning, best-in-class reservoir management practices, and improved success rates in discovering new fields and reservoirs and extending reserves in existing reservoirs.
Our relentless efforts to expand the Kingdom’s oil and gas reserves sustain our capability to meet future energy needs, at home and around the world.