The Ministry of Energy, Industry and Mineral Resources of Saudi Arabia announced an upward revision to the Kingdom’s proven oil and gas reserves, following an independent certification of oil and gas reserves in Saudi Aramco’s concession area. Leading consultants DeGolyer and MacNaughton (D&M) conducted the independent certification.
The Kingdom previously announced that oil and gas reserves were 264 billion barrels of oil and 307.2 trillion standard cubic feet of gas respectively as of Dec. 31, 2017. Of these, the estimated proven oil and gas reserves in Saudi Aramco’s concession area were 261 billion barrels of oil and 302.3 trillion standard cubic feet of gas.
Following the certification, Saudi Aramco’s concession area oil reserves at year-end 2017 would have been 2.2 billion barrels higher or 263.2 billion barrels of oil and 319.5 trillion standard cubic feet of gas.
So, including the D&M revision of oil reserves in the Saudi Aramco’s concession area, the Kingdom’s total proven oil and gas reserves as of year-end 2017 would have been about 266.1 billion barrels of oil and 324.4 trillion standard cubic feet of gas.
Source: (Al-Sharq Al-Awsat newspaper, edited)
