Saudi Arabia announced that its oil and natural gas reserves have increased following an external audit conducted in preparation for the company’s long-awaited initial public offering (IPO), Pipeline Oil & Gas Magazine reported.

Saudi reserves increased by 2.2 billion barrels to 263.1 billion barrels of oil at the end of 2017, while natural gas reserves rose to 319.5 trillion cubic feet, according to US consultants, DeGolyer and McNaughton (D&M).

“The results point out that the kingdom’s reserves of oil and gas are bigger than what we have been announcing,” energy minister Khalid al-Falih told a news conference in Riyadh.

D&M evaluated 54 major oil reservoirs operated by Saudi Aramco, which owns 80% of reserves, out of 368 in its portfolios. These reservoirs contain around 213.1 billion barrels of proven oil reserves.

Moreover, the consultant reveled that Saudi Aramco operated 77 major natural gas reserves, which form 60% of its total reserves.

“This confirms why every barrel we produce is the most profitable in the world and why we believe Saudi Aramco is the world’s most valuable company,” Falih added.