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Are Saudi Aramcos reserves and production declining?

April 26, 2017aramco declining production reserves Saudi

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Are Saudi Aramcos reserves and production declining?

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Saudi Aramco’s oil and gas reserves conform to industry standards — Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC) and American Association of Petroleum Geologists (AAPG). Reserves attributable to enhanced oil recovery (EOR) processes are excluded, underscoring the conservative nature of the company’s reserves. Yearend 2003 proved oil reserves totaled 260 billion barrels. Incremental probable and possible reserves (over and above the 260 billion barrels) are estimated to be 103 billion barrels.