Saudi Aramco’s oil reserves to ‘grow in a decade’

Saudi AramcoSaudi Aramco will have a total of 900bn barrels of oil resources by 2025, according to a company executive

The Saudi Arabian company said that in 2014, its total oil resources have amounted to 790bn barrels and the recoverable crude oil and condensate reserves stand at around 260.2bn barrels.

Khalid al-Falih, CEO of Saudi Aramco, said, “In January, the company is targeting to increase average recovery rates from our oil reservoirs by 20 per cent, which could add 160bn barrels of additional reserves. That’s more than the current reserves of the USA, Russia, China, the UK and Brazil combined.”

Jamal Al Khonaifer, development director at Saudi Aramco, added that the demand for hydrocarbons would rise despite the oil price fluctuations happening in the international market.

“We do not care about the oil prices, we don’t play with them. We even don’t have our own benchmark. Of course, we are not interested in too high and too low prices,” Khonaifer added.

Sadad al-Husseini, former top executive at Saudi Aramco, said that the company currently produces almost 9.5mn bpd and Saudi Arabia has an output capacity of 12.5mn bpd.

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