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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi economy reveals the size of its oil reserves

    Rocky
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    • Post n°1

    Saudi economy reveals the size of its oil reserves Empty Saudi economy reveals the size of its oil reserves

    Post by Rocky Thu 10 Jan 2019, 2:19 am

    [size=32]
    Saudi economy reveals the size of its oil reserves[/size]
    Saudi economy reveals the size of its oil reserves Oil6%20(2)

     Twilight News    

     2 hours ago



    Saudi Arabia's oil reserves rose by 2.2 billion barrels to 263.1 billion barrels by the end of 2017, the Ministry of Energy said on Wednesday, while gas reserves increased by 17 trillion cubic feet to 319.5 trillion cubic feet, according to an independent review.
    The Kingdom had previously announced that as at 31 December 2017, oil reserves stood at 260.9 billion barrels and gas 302.3 trillion cubic feet, representing the estimated reserves of oil and gas in the Saudi Aramco concession.
    Following the ratification, the reserves of the Aramco concession area increased by the end of 2017 by 2.2 billion barrels to 263.1 billion barrels of oil and 319.5 trillion standard cubic feet of gas.
    In addition to Saudi Arabia's Aramco concession, Saudi Arabia also has half of the oil reserves in the region shared with Kuwait. Saudi Arabia's share of oil reserves in the divided region (both land and sea) is 5.4 billion barrels, plus gas resources of 5.6 trillion cubic feet .
    The inclusion of the oil and gas review by the Digweller & McNoten Company in the Aramco concession area will raise the Kingdom's total proven oil reserves from the end of 2017 to about 268.5 billion barrels of oil and 325.1 trillion cubic feet of Gas.
    "The recent audit proves our belief that Aramco is the most valuable company in the world," Saudi Energy Minister Khalid Al-Falih said.
    "The independent assessment confirms that every barrel of the oil we produce is the most profitable in the world."
    Al-Falih pointed out that the cost of a barrel of oil in Saudi Arabia is estimated at $ 4, which makes Aramco the most profitable, adding that the Kingdom ranked first in terms of lack of burning associated gas.
    In a related context, Al-Falih said that it aims to raise the proportion of gas component in the energy mix of the Kingdom to 70% from 50% in the next 12 years.
    He stressed that the oil market will stabilize soon, saying, "We are serious in stabilizing the market."
    "We are not overly concerned about the increase in oil stocks now after the OPEC + agreement," he said, pointing out that the Opec + cuts aim to reassure the market that we will continue to manage the fundamentals and keep the market in balance.
    He did not rule out calling for further moves by the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the future, noting that the market situation now looks better than it was a few weeks ago.
    On oil production, Al-Falih pointed out that the Minister of Energy: Saudi Arabia's oil production at 10.2 million barrels per day currently, expected to reach Saudi Arabia's oil exports to 7.2 million barrels per day in January and 7.1 million b / d in February.
    "The stability of the oil market will take time but we do not target a specific price for oil, and we will continue to monitor the oil market and stock levels," he said.



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