Saudi Aramco Found More Oil Than It Produced In 2006

DUBAI (Dow Jones)–Saudi Arabian Oil Co., the world’s largest oil company by production, discovered 3.6 billion barrels of crude oil reserves last year, 6% more than it produced, the Saudi Press Agency reported Wednesday.

Saudi Aramco also added 10.4 trillion cubic feet of natural gas to its reserves in 2006, more than expected, Chief Executive Abdullah Jumah said at the company’s board meeting in Dhahran, according to SPA.

Saudi Arabia holds the world’s largest oil reserves at 264.2 billion bbl and the world’s fourth largest gas reserves at 243.6 trillion cubic feet, according to the BP Statistical Review 2006.

Aramco’s installed oil production capacity increased to 10.7 million barrels a day by the end of 2006, SPA reported Jumah as saying.

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