Saudi Arabia is exploring for nearly 100 billion barrels of new oil in existing fields and offshore in the Red Sea, according to an Associated Press report.
Amir Nasser, a senior official of state-owned Saudi Aramco, unveiled the plans in a speech Tuesday at an annual energy conference in Houston, according to AP.
"We are very optimistic about the potential for significant discoveries," said Mr. Nasser, according to AP, adding that the discoveries could also boost natural gas production by 40%.
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