Technology can help Saudi tap 'real' oil wealth

Saudi Arabia controls nearly $16.9 trillion (Dh62trn) worth of oil reserves under its arid sands but the wealth could sharply rise with the advent of more advanced production technology, a key Saudi bank said yesterday.

The National Commercial Bank (NCB) said the kingdom’s oil resources that can be recovered by present technology are estimated at around 260 billion barrels but they account for just a fraction of the real oil deposits.

In a short study sent to Emirates Business, NCB estimated Saudi Arabia’s total crude resources in place at more than 742 billion barrels, including those which can not be reached by present production and drilling techniques.

“Only a fraction of this oil can be brought to the surface on limitations of petroleum extraction technologies and the typical structure of the reservoir