Saudi Aramco uses new technology to re-explore Empty Quarter

Oil giant Saudi Aramco is using advanced seismic technology to re-explore areas around Turayqa, in Saudi Arabia’s Empty Quarter desert, Reuters reported last week, citing a statement by Aramco.

Turayqa, discovered in 2013, is an onshore conventional gas field that contains no oil. A joint venture between Aramco and other foreign companies explored parts of the area but failed to find recoverable quantities of oil and gas.

Also, the oil giant had set up four consortia in 2003 and 2004 to explore the Empty Quarter, but it couldn’t find commercial volumes of gas.

The oil giant hopes new seismic technology may improve the chances of successful exploration.

“Data processing is ongoing. The area partially covers areas relinquished by some of the joint ventures,” Reuters quoted Aramco as saying.

Seismic technology uses artificially induced shockwaves in the earth. While conventional crews have 9,000 frequencies available to monitor the results, Aramco’s crew of 900 people at Turayqa has over 50,000.

Aramco’s oil and condensate reserves are estimated at 261 billion barrels.

Any change in the reserves, however, could affect the company’s planned initial public offering (IPO) next year of a stake up to 5 percent, since some investors’ models are based on valuations of the reserves.

“At current production of 10 million barrels per day, and assuming reserves of 261 billion barrels, a discovery of 1.5 percent of the reserves replaces the reserves depleted in a year,” an industry source told Reuters.