Saudis Boost Oil Reserves Ahead of Aramco's Planned IPO
- Top OPEC producer puts crude reserves at 268.5 billion barrels
- Estimate upgraded before planned Aramco share sale, Sabic deal
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia published the first audit of its vast oil reserves since it nationalized its energy industry about 40 years ago, saying its reserves total 268.5 billion, slightly more than the 266.3 billion figure that the government published previously.
The audit, conducted by Dallas-based consultant DeGolyer & MacNaughton Corp., is the first since Riyadh fully nationalized Saudi Aramco between 1976 and 1980, and it comes as the kingdom tries to generate interest in Aramco ahead of a potential initial public offering.