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techkenyot.com March 25, 2019


Saudi Arabia to announce slight rise in oil, gas reserves after audit

12 January 2019, 06:59 | Hattie Nash

Saudi Arabia to announce slight rise in oil, gas reserves after audit

Saudi Arabia to announce slight rise in oil, gas reserves after audit

The Saudi Arabia-based oil and gas giants, Saudi Aramco, is planning to delve into the debt market during the second quarter in order to fund the purchase of petrochemical company, Sabic, in what is set to be its first ever global bond, according to Bloomberg.

Saudi Arabian Minister of Energy Khalid al-Falih revealed the plan on Wednesday in Riyadh, saying that the company wanted flexibility in funding the Sabic deal, which could cost about US$70 billion.

Saudi Arabia had a target to lower output to 10.311 million bpd as of January 1, when the supply cut accord took effect.

The early Thursday decline was "primarily driven by the lack of direction showed in the United States and China trade talks", said independent analyst Lakshan de Silva.

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Crude oil prices were slightly down at the start of trading on Tuesday, despite reports that Saudi Arabia cut its crude exports to help boost prices.

In December, the Organization of Oil Exporting Countries made a decision to reduce oil supply by 1.2 million barrels starting January.

Al-Falih played down chatter in the market that Aramco would fund the entire US$70 billion Sabic deal with the bond offering. "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals".

Natural gas reserves also grew from 302.3 trillion cubic feet (8.56 trillion cubic metres) to 324.4 trillion cubic feet (9.2 trillion cubic metres), the ministry said.

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The country said oil reserves witnessed an increase from 2.2 billion barrels to 263.2 billion barrels while gas reserves increased from 17 trillion cubic feet to 319.5 trillion cubic feet.

Falih said Saudi oil remains among the cheapest in the world to extract, at only $4 a barrel. Falih said on Wednesday the kingdom would still go ahead, and list the company by 2021.

The operation was not fully concluded, so the interest rates have not yet been calculated.

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