Ministry of Energy, Industry and Mineral Resources of Saudi Arabia announced on Wednesday an upward revision to the kingdom's proven oil and gas reserves, following an independent certification.
After the reserves audit conducted by consultants DeGolyer and MacNaughton (D&M), the kingdom's total proven oil and gas reserves as of the end of 2017 stood at 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas, respectively, said Khalid Al-Falih at a press conference in Riyadh.
Saudi Arabia previously announced that oil and gas reserves as of Dec. 31, 2017 were 266.3 billion barrels of oil and 307.9 trillion standard cubic feet of gas respectively.
"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important," he said.
Al-Falih said that these vast reserves are among the lowest cost in the world, backed by world-leading economies of scale, and that the carbon intensity of Saudi Arabia's oil and corresponding gas flaring are among the very lowest in the world.
He called on the industry to use this metric alongside profitability.
Editor:Cherie
