{"id":207360,"date":"2019-01-09T19:21:59","date_gmt":"2019-01-09T22:21:59","guid":{"rendered":"https:\/\/anba.com.br\/?p=207360"},"modified":"2019-06-30T18:00:36","modified_gmt":"2019-06-30T21:00:36","slug":"saudi-arabia-revises-up-oil-reserves","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/saudi-arabia-revises-up-oil-reserves\/","title":{"rendered":"Saudi Arabia revises up its oil reserves"},"content":{"rendered":"<p>Riyadh \u2013 The Saudi Arabian minister of Energy, Industry and Mineral Resources, Khalid Al-Falih (pictured), said this Wednesday (9) that the country\u2019s proven oil and gas reserves have been revised up. This came after independent auditing by the US-based consulting firm DeGolyer and MacNaughton (D&amp;M), which specializes in the oil industry. The information was made public by state-run news outlet\u00a0<em>Saudi Press Agency (<a href=\"http:\/\/www.spa.gov.sa\" target=\"_blank\" rel=\"noopener noreferrer\">SPA<\/a>)<\/em>.<\/p>\n<p>According to surveys, the country had 268.5 billion barrels of oil and 325.1 trillion cubic feet of gas by the end of 2017. That includes all areas under concession to state-run oil company\u00a0<a href=\"https:\/\/www.saudiaramco.com\" target=\"_blank\" rel=\"noopener noreferrer\">Saudi Aramco<\/a>, and half the reserves in an area that belongs to Saudi Arabia and Kuwait. The pre-audit estimate was 266.3 billion barrels of oil and 307.9 trillion cubic feet of gas by December 31, 2017.<\/p>\n<p>For the sake of comparison, Brazil\u2019s proven reserves in 2017 were 12.8 billion barrels of oil and 369.9 billion cubic meters of gas, according to data from the National Agency of Petroleum, Natural Gas and Biofuels (<a href=\"http:\/\/www.anp.gov.br\" target=\"_blank\" rel=\"noopener noreferrer\">ANP<\/a>).<\/p>\n<p>Reserves under concession to Saudi Aramco are estimated at 263.1 billion barrels of oil and 319.5 trillion cubic feet of gas. The estimate regarding oil increased by 2.2 billion barrels following auditing by D&amp;M, the <em>SPA<\/em> reported.<\/p>\n<p>The minister also said Saudi reserves have one of the lowest production costs in the world. \u201cThis certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world\u2019s most valuable company and indeed the world&#8217;s most important,\u201d SPA quoted him as saying.<\/p>\n<p>Saudi Arabia is planning an initial public offering (IPO) for Saudi Aramco. Saudi newspaper\u00a0<a href=\"http:\/\/www.arabnews.com\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Arab News<\/em><\/a>\u00a0reported that the audit was intended to clear up questions by prospective investors regarding the exact amounts held by the country and its oil company.<\/p>\n<p><em>Arab News<\/em> also quoted the minister as saying the IPO is expected for 2021. He noted, however, that Saudi Aramco plans to issue debt bonds in the second quarter of this year.<\/p>\n<p><strong>Translated by Gabriel Pomerancblum<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-207358\">Askin Kiyagan\/Anadolu Agency\/AFP<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The country has 268.5 billion barrels of proven reserves. Following auditing by DeGolyer and MacNaughton, the previous estimate was raised by 2.2 billion barrels.<\/p>\n","protected":false},"author":2316,"featured_media":207358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[6844,6843,259,6842,38158,6845,1964,393,33601,5370],"class_list":{"0":"post-207360","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-dm","9":"tag-degolyer-and-macnaughton","10":"tag-gas","11":"tag-ipo","12":"tag-khalid-al-falih-en","13":"tag-khalid-al-falih","14":"tag-oil","15":"tag-saudi-arabia","16":"tag-saudi-aramco-en-2","17":"tag-saudi-aramco"},"wps_subtitle":"The country has 268.5 billion barrels of proven reserves. Following auditing by DeGolyer and MacNaughton, the previous estimate was raised by 2.2 billion barrels. 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