Tag Archives: oil reserves

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 118

This week we focus on solar power in the United States. A report by the US National Renewable Energy Laboratory has concluded that the country can fill 39% of its electricity needs with rooftop solar PV alone. And that doesn’t include the “immense potential” of ground-mounted PV units. Is an all-solar America on the horizon? Continue reading

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