Saudi Aramco’s first external audit has revealed that the company has 270 billion barrels in oil reserves, Reuters has reported.
The new estimation is slightly higher than the 261.8 billion barrels Aramco reported in its 2016 annual statement.
The audit was conducted by companies including DeGolyer and MacNaughton, and Baker Hughes’ Gaffney, Cline, and Associates. Aramco’s reserve base will have a direct effect on the company’s valuation for its upcoming initial public offering (IPO).
The location of the IPO is yet to be announced and Aramco is reportedly still deciding between the New York, London, and Hong Kong stock exchanges. Saudi Energy Minister Khalid al-Falih told Reuters that Aramco may face legal challenges if it is listed in the United States.
On April 29 Aramco appointed five new board members, including its first female board member, Lynn Laverty Elsenhans, the Financial Times reported.
The appointments also included Peter Cella, CEO of Chevron Philips Chemical and Andew Liveris, chief of DowDuPoint and Dow Chemical. Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri will also join the board.
The new members will join the six returning members including Saudi Energy Minister and Aramco Chairman Khalid al-Falih and CEO Amin Nasser.