Saudi Aramco world’s most valuable company: Al-Falih

Photo courtesy of Center for International Communication

Saudi Aramco is the world’s most valuable company and indeed the world’s most important, the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, said on Wednesday at a press conference held in Riyadh.

Also Read: Saudi Aramco’s proven reserves revised upwards after independent certification

The minister was speaking after the Ministry of Energy, Industry and Mineral Resources’ announcement of an upward revision to the Kingdom’s proven oil and gas reserves, following an independent certification of oil and gas reserves in Saudi Aramco’s concession area conducted by leading consultants DeGolyer and MacNaughton (D&M).

Following the certification, Saudi Aramco’s concession area oil reserves at year-end 2017 would have been 2.2 billion barrels higher or 263.1 billion barrels of oil and 319.5 trillion standard cubic feet of gas.

“This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world’s most valuable company and indeed the world’s most important,” the minister said.

The minister added these vast reserves are also among the lowest cost in the world, backed by world-leading economies of scale.

Speaking at the press conference, Al-Falih, noted that the carbon intensity of Saudi Arabia’s oil and corresponding gas flaring are among the very lowest in the world, and he called on the industry to use this metric alongside profitability.

He also said it was a tribute to the importance the Kingdom places on integrity, the discipline and world-leading excellence of Saudi Aramco’s operations and employees.