Tag Archives: aramco

The Aramco IPO and the Black Art of Estimating Oil Reserves

Saudi Arabia has announced that 5% of state owned Aramco is to be put up for sale perhaps as early as 2018. As part of the process, the country’s oil reserves will be subject to audit by western consultants, presumably to OECD standards. Given that Saudi Arabia has not adjusted oil reserves for production since 1980 there is a widely held view that the official figure of 267 billion barrels is a gross overstatement of reality. The audit will be interesting to say the least, especially since Iraq, Iran, Kuwait and UAE are all guilty of the same malpractice. Deducting the 156 billion barrels produced since 1936 leaves 110 billion bbls remaining. Only time will tell where reality lies. Continue reading

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Blowout week 106

We kick off with “Climate Change” and the recent UK floods? Below the fold: Saudi Arabia considers privatizing Aramco, earthquakes in Oklahoma, a natural gas leak in California, TransCanada sues Obama over Keystone, North Sea oil & gas production up, EU investigates Drax subsidy payments, Ed Davey knighted, military intervention to forestall ISIS in Libya, uranium outlook brightens, Greenland wants out of the Paris Agreement, more battery storage in UK, more renewables in Scotland, the 2015 El Niño ties for strongest on record and the new geologic epoch – the Anthropocene. Continue reading

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