20240611 aramco
Aramco reports $716.2 billion in profits from 2016 to 2023 Image Credit: Reuters

Dubai: Saudi Aramco secures its position as the world's largest oil company by proven reserves, with figures 15 times higher than its closest competitor, according to newly released data.

Statista, a German platform for data collection and visualisation, revealed that Saudi Aramco's oil and gas reserves stood at approximately 259 billion barrels of oil as of 2022. This figure exceeds the combined reserves of ExxonMobil Corp., Chevron Corp., TotalEnergies SE, Shell plc, BP, and Eni.

The scale of Aramco's reserves mirrors its revenue prowess, as the state-owned company emerged as the most profitable company, recording $716.2 billion (Dh2.6 trillion) in profits from 2016 to 2023, based on annual financial reports. In 2023 alone, it averaged production of 12.8 million barrels of oil per day.

Statista highlighted that Saudi Aramco's reserves are constrained by the terms of its concession, limiting its exploration and development to specific areas.

Separately, Statista noted that Saudi Arabia's total oil reserves were 40.9 billion tonnes in 2020, making it one of the world's largest holders of conventional oil.

On June 2, 2024, Aramco commenced a secondary share offering, raising over $10 billion (Dh36.7 billion).

The final price for the shares was set at $7.26 (Dh26.67), with international investors securing 0.73 per cent of total shares in the new issue.