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Saudis boost oil reserves ahead of Aramco's planned IPO

The oil nation has published the first audit of its massive oil reserves in 40 years, and its reserves are slightly higher than the figure previously published by the government.

Photo: /ritzau/AP/Ronald Zak

Saudi Arabia published the first audit of its vast oil reserves since it nationalized its energy industry about 40 years ago, saying its reserves total 268.5 billion, slightly more than the 266.3 billion figure that the government published previously.

The audit, conducted by Dallas-based consultant DeGolyer & MacNaughton Corp., is the first since Riyadh fully nationalized Saudi Aramco between 1976 and 1980, and it comes as the kingdom tries to generate interest in Aramco ahead of a potential initial public offering.

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