Riyadh – Mubasher: The audit of Saudi Aramco oil reserves are unlikely to be completed before the end of 2017, Reuters on Tuesday reported, citing informed sources as saying.
“The audit has so far confirmed the reserves figures earlier given by Saudi Arabia, the sources said, an important part of the state oil company’s preparatory work for its planned initial public offering (IPO) next year,” Reuters added.
A part of Baker Hughes BHI.N, Cline and Associates, Gaffney, and Dallas-based DeGolyer and MacNaughton are the firms who participating in the auditing.
“Aramco wants to make sure the companies are shown full data to avoid skeptical remarks on its reserves later on, it is unlikely the audit will be finished this year,” another source stated.
The auditing of Aramco’s main fields was completed, while the smaller ones are still to be audited, a third source indicated.
The largest oil company in the world plans to implement initial public offering (IPO) for a 5% stake in 2018.