Saudi oil and gas reserves soar

09-01-2019 MEDIA IN AGENCIES

Saudi Arabia announced on Wednesday its oil and gas reserves as of the end of 2017 to reach 268.5 billion barrels of oil and 325.1 trillion cubic feet of gas.
The increase in these reserves came after reserves in the Aramco concession area were subject to independent approval by D & M, the official SPA news agency reported.
According to the agency, estimates of oil and gas reserves in the Saudi Aramco concession area by the end of 2017 amounted to 260.9 billion barrels of oil and 302.3 trillion cubic feet of gas, and rose by 2.2 billion barrels or the equivalent of 263.1 billion barrels of oil and 319.5 trillion cubic feet standard Of gas after authentication.
Saudi Arabia also owns half of the oil reserves in the divided region jointly owned by Saudi Arabia and Kuwait, meaning that its share of oil reserves in that region is 5.4 billion barrels in addition to gas resources of 5.6 trillion cubic feet.
This means that the total fixed reserves before ratification amounted to 266.3 billion barrels of oil and 307.9 trillion cubic feet of standard gas.