Thursday, 17 January, 2019

Saudi Arabia Reveals Rise In Oil Reserves And Commits To Aramco Listing

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield operated by Saudi Aramco in Manifa Saudi Arabia on Wednesday Oct. 3 2018. Bloomberg Saudi Arabia announces rise in oil, gas reserves
Orlando Vargas | 12 January, 2019, 19:15

Saudi Arabia's energy minister said on Wednesday he was confident that supply cuts started in late 2018 by the Organization of the Petroleum Exporting Countries (OPEC) and some allies, including Russian Federation, aimed at reining in oversupply would bring the oil market into balance.

The energy ministry said proven oil reserves stood at 263.2 billion barrels at the end of past year, up from the figure of 261 billion barrels that has been used for nearly three decades.

Saudi Arabia plans to sell a stake in Aramco as part of its Vision 2030 programme, the kingdom's overarching economic overhaul agenda, which is aimed at weaning the kingdom off oil income.

Saudi Arabia Minister of Energy, Industry and Mineral Resources is arriving in Pakistan tomorrow and is likely to sign a Memorandum of Understanding (MoU) for setting up an oil refinery at Gwadar.

Falih's news conference took place hours later than initially scheduled and SPA corrected its initial announcement of the reserves figures.

Al-Falih played down chatter in the market that Aramco would fund the entire $70 billion Sabic deal with the bond offering.

In addition, "U.S gulf coast gasoline inventory levels hit 89.4 million barrels, a new high, while distillate products rose at the highest level in a month rising by 8.9 million barrels", he added.

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Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves on Wednesday after being independently audited, according to a source familiar with the matter.

"This certification underscores why. we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", Al Falih said in a statement, which made no mention of the IPO.

Industry experts say it can cost between $30 to $50 to produce a barrel of USA shale oil.

The consultant evaluated 54 major oil reservoirs operated by Aramco, out of 368 in its portfolio.

The plans for the bond, first reported by Bloomberg News a year ago, come as the Saudi government reactivates its plan to sell shares in the company.

Oil prices fell by 1 per cent yesterday on growing US supply, although the mood in global markets was increasingly confident amid hopes the United States and China may soon end trade disputes that have undermined global economic growth. Falih said on Wednesday the kingdom would still go ahead, and list the company by 2021.

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