BP has increased the evaluations for crude oil reserves in Saudi Arabia by 12%, the first change in Saudi reserve estimates since 1989, Reuters reported.
Saudi’s proved oil reserves were estimated to be around 297.7 billion barrels at the end of 2018, up from 266.2 billion barrels a year before.
This puts the kingdom in second place in terms of highest reserves around the globe, right after Venezuela’s 303 billion barrels, and ahead of Canada’s 168 billion barrels.
The increase is attributed to Saudi Arabia beginning to reporting oil, natural gas, and natural gas liquids (NGL) reserves separately, according to BP Chief Economist Spencer Dale.
The Kingdom’s reserves reporting began since preparing to float its energy company Saudi Aramco and the listing was postponed and is now planned for early next decade.
The last similar change occurred in 1989 when reserves were raised from 170 billion barrels to 260 billion.