Saudi Aramco’s 2016 oil reserves slip, gas up: annual review

7 Jul 2017   Saudi Arabia

Saudi Aramco said on Thursday its recoverable crude oil and condensate reserves slipped to 260.8 billion barrels at the end of 2016 from 261.1 billion a year earlier. Its gas reserves rose to 298.7 trillion standard cubic feet from 297.6 trillion, Saudi Aramco said in its 2016 annual review. The company said it had discovered two new oilfields, Jubah and Sahaban, and one new gas field, Hadidah, all located in the Eastern Province, the main oil region in Saudi Arabia, the world’s top crude exporter. Saudi Arabia’s national oil company plans to list a stake through an initial public offering in 2018 which is expected to be the world’s biggest IPO. The review did not make a reference to the IPO. Aramco, which has exclusive rights to explore and develop Saudi Arabia’s oil and gas, boosted oil production to a new record of 10.5 million barrels per day (bpd) […]

Comments are closed.