Saudi Arabia reports post-audit reserves of 268.5 billion bbl

Saudi Arabia reported that it now holds 268.5 billion bbl of proved crude oil reserves—a figure higher than the previously reported 266.3 billion bbl.

According to the O&GJ report, Saudi Arabia’s Energy Ministry also revised upward the country’s natural gas reserves to 325.1 tscf as of yearend 2017.

The revisions come after an unprecedented offer for an independent audit by US energy consultancy DeGolyer & MacNaughton.

Saudi Arabia plans for a possible initial public offering in state-owned Saudi Aramco, although it has been reported that any offering of the company would not include the kingdom’s oil reserves.

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