Saudi’s Aramco secure position as world’s biggest oil company by proven reserves
Date
6/27/2024 9:23:11 AM
(MENAFN) Saudi Arabia's energy behemoth, Aramco, has solidified its position as the world's largest oil company by proven reserves, surpassing its competitors by a significant margin. According to Statista, Saudi Aramco's oil and gas reserves for 2022 are estimated at approximately 259 billion barrels of oil equivalent, a figure 15 times greater than its nearest rival.
In comparison, ExxonMobil Corp. holds reserves of 17.7 billion barrels of oil equivalent, while Chevron Corp. follows with 11.2 billion barrels. Combined, the reserves of ExxonMobil, Chevron, TotalEnergies SE, Shell plc, BP, and Eni do not match the size of Aramco's reserves.
The magnitude of Aramco's reserves is reflective of its immense revenue streams, with the state-owned company ranking as the world's most profitable, generating $716.2 billion in profits from 2016 to 2023 based on annual financial results. In 2023 alone, Aramco averaged production of 12.8 million barrels of oil per day.
Statista notes that Aramco's reserve figures are governed by concession terms, which restrict its exploration and development activities to specific areas. Saudi Arabia itself possesses vast oil resources, with reserves totaling 40.9 billion tonnes in 2020, constituting approximately one-fifth of the world's conventional oil sources.
The global oil and gas industry, as highlighted by the US Energy Information Administration, experienced a decline in proven reserves among publicly traded exploration and production companies in 2022. This decline, amounting to 5.6 billion barrels of oil equivalent, reflects a 2 percent reduction based on financial reports from these firms.
Aramco's dominance in reserves underscores its pivotal role in the global energy landscape, influencing market dynamics and geopolitical considerations worldwide.
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