Aramco oil reserves found slightly higher than reported: report

Saudi Aramco’s oil reserves were found by an independent external audit to be higher than the reported levels, Reuters reported, citing sources familiar with the matter.

The audit, a key part of preparatory work for the oil giant’s initial public offering (IPO), has found the proven oil reserves to be at least 270 billion barrels, sources said.

This is higher than the 260.8 billion barrels reported by Aramco in its 2016 annual review.

Having an internationally recognized reserves audit has become an important task for Aramco, which plans to list a 5 percent stake later in 2018 or early next year.