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Saudi Arabia Announces Rise in Oil, Gas Reserves

Saudi Arabia is the world's top oil exporter | AFP
Saudi Arabia is the world's top oil exporter | AFP
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Saudi Arabia Announces Rise in Oil, Gas Reserves

Saudi Arabia is the world's top oil exporter | AFP
Saudi Arabia is the world's top oil exporter | AFP

Top oil exporter Saudi Arabia said Wednesday that its huge oil reserves, already the second largest in the world behind only Venezuela, are even bigger than previously thought.

Saudi Arabia announcement came after an external audit was started as part of preparations for the initial public offering of state oil company Aramco.

The Saudi Energy Ministry said in a statement carried by state news agency SPA that Saudi Arabia’s proven oil and gas reserves stood at around 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas as of the end of 2017.

Natural gas reserves also grew from 8.56 trillion cubic meters (302.3 trillion cubic feet) to 9.2 trillion cubic meters (324.4 trillion cubic feet), the ministry said.

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

Saudi Arabia said the new figures have been backed by an independent third-party certification by leading consultants DeGolyer and MacNaughton (D&M).

Saudi Arabia is the world's top oil exporter. It is the third biggest producer after the United States and Russia with around 10.6 million barrels per day.

Falih said Saudi oil remains among the cheapest in the world to extract, at only $4 a barrel.

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SCAI CEO to Asharq Al-Awsat: AI Boosts Saudi Arabia’s Economic Future

AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
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SCAI CEO to Asharq Al-Awsat: AI Boosts Saudi Arabia’s Economic Future

AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)

The Saudi Company for Artificial Intelligence (SCAI), wholly owned by the Saudi Public Investment Fund (PIF), is leading efforts to build a world class technological system, paving the way for achieving economic grown driven by artificial intelligence (AI).

Indications show that the sector’s contributions to the Saudi GDP will grow, SCAI CEO George Nazi told Asharq Al-Awsat.

SCAI was established in 2021 as PIF’s arm in the AI and emerging technologies sector. It aims to support PIF’s strategy and national priorities in innovating within the technology sector and positioning Saudi Arabia as a globally competitive hub for advanced technologies.

Nazi stressed that the Saudi economy is witnessing strategic preparations to stay abreast the AI revolution. The preparations are being backed by several parties, led by SCAI, whose investments help in developing technological talents and support AI initiatives in small and medium enterprises.

AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030 and the AI sector is set to grow at an annual rate of 29 percent, revealed a report by the Saudi Authority for Data and Artificial Intelligence.

Saudi Arabia has achieved global positions in international AI indices. It ranked 14th globally out of 83 countries and the first in the Arab world in the Global AI Index.

Saudi Company for Artificial Intelligence (SCAI) CEO George Nazi. (Asharq Al-Awsat)

In terms of developing digital infrastructure, Nazi said SCAI is helping in finding solid foundations for the growth and prosperity of AI, which would shed light of Saudi Arabia’s readiness for this technological transformation.

Moreover, SCAI supports the Kingdom’s Vision 2030 in dedicating AI capabilities in diversifying and boosting the economy in vital sectors, such as healthcare, energy and education. It is also working on consolidating the AI culture in society.

SCAI is playing a pivotal role in bolstering strategic partnerships with major global technology companies to create an environment that supports innovation in the Kingdom and therefore bolsters its global position as a leading force in the field, added Nazi.

Nazi also highlighted SCAI’s collaboration with the King Abdullah Financial District (KAFD) project that aims to set solutions for smart cities through advanced projects in transportation management.

The partnership is achieving transformative results and developing the smart traffic system that uses AI to smooth and ease traffic, he explained.