Riyadh – Mubasher: Saudi Aramco has higher oil reserves than previously reported, according to an audit of the company’s oil reserves, which is an essential part of the preliminary work for its anticipated initial public offering (IPO).
The independent external audit has unveiled proven oil reserves of at least 270 billion barrels, slightly higher than the 260.8 billion barrels the Saudi Oil giant reported in its 2016 annual review, anonymous sources familiar with the matter told Reuters.
It is worth noting that the world's largest oil producer aims to sell 5% of its shares in an IPO this year or next year.
Conducting an internationally recognised oil reserves audit is a paramount task for Aramco as it seeks to become the most valuable company in the world.
