D&M confirms independent assessment of reserves in Saudi Arabia for the Saudi Arabian Oil Company

فبراير 12, 2019

DeGolyer and MacNaughton is pleased to acknowledge the recent completion of the first contemporary independent assessment of reserves in Saudi Arabia for the Saudi Arabian Oil Company. The study encompassed a highly detailed independent analysis of a massive dataset and onsite review. More than 60 geophysicists, petrophysicists, geologists, simulation engineers, reserves engineering specialists, and economists were involved in the 30-month effort.

In 1943, one of our founders, Everette DeGolyer, surveyed the Middle East and Persian Gulf area as part of the war effort. Mr. DeGolyer was quoted at the time as declaring, “The oil in this region is the greatest single prize in all history.” At the time of this survey, Mr. DeGolyer’s estimates and predictions that the Middle East would become the center of the world’s oil production were considered by some to be massive exaggerations, but his work has since been found to be quite conservative. DeGolyer and MacNaughton’s work in the Kingdom of Saudi Arabia continues Mr. DeGolyer’s legacy of knowledge and integrity, and the firm remains at the forefront of the petroleum consulting services industry.

Below is a compilation of article links where you can find further information regarding our most recent work in Saudi Arabia. At this time, DeGolyer and MacNaughton will make no further comments on this extensive project.

https://www.bloomberg.com/opinion/articles/2019-01-13/independent-audit-saudi-oil-reserves-raises-question-on-value

https://www.wsj.com/articles/saudi-arabia-announces-increased-crude-oil-reserves-in-rare-release-11547050321?mod=searchresults&page=1&pos=1

https://www.upi.com/amp/Energy-News/2019/01/10/Saudi-Aramco-builds-new-retail-network-certifies-reserves/3591547121359

http://saudigazette.com.sa/article/552027/SAUDI-ARABIA/Saudi-Arabia-revises-upward-proven-oil-amp-gas-reserves

https://www.cnbc.com/2019/01/09/saudi-arabias-massive-oil-reserves-grow-by-2point2-billion-barrels.html

https://www.reuters.com/article/saudi-oil-reserves/update-3-saudi-arabia-announces-rise-in-oil-reserves-after-external-audit-idUSL8N1Z93WO

https://www.wral.com/saudi-arabia-announces-higher-oil-reserves-after-audit/18113023/

https://www.forbes.com/sites/ellenrwald/2019/01/09/why-it-matters-how-much-oil-saudi-arabia-has/#16185fd75137

https://www.nasdaq.com/article/saudi-arabia-announces-rise-in-oil-reserves-after-audit-20190109-00512

https://abcnews.go.com/International/wireStory/saudi-arabia-announces-higher-oil-reserves-audit-60262576

https://www.bloomberg.com/news/articles/2019-01-09/saudis-raise-oil-reserves-estimate-ahead-of-aramco-s-planned-ipo?utm_source=google&utm_medium=bd&cmpId=google

https://www.cnn.com/2019/01/09/business/saudi-arabia-oil-gas-reserves/index.html