Aramco unlikely to finalize reserves audit by year-end: report

State-run Saudi Aramco is not expected to complete its oil reserves audit before the end of this year due to the huge scale of the task, Reuters reported Tuesday, citing unnamed sources with knowledge of the matter.

“It’s a huge task. They are about two-thirds of the way through. It’s all going well and smoothly - no surprises,” a source said.

So far, the reserves figures earlier issued by the Saudi government have been confirmed, as part of the procedures required for the oil giant’s planned initial public offering (IPO) next year.

The review process is aimed to provide internationally recognized information for investors about the volume and quality of the Kingdom’s reserves.

Riyadh has been reporting reserves of 261 billion barrels annually for nearly 30 years, according to BP’s statistical review.

In January 2017, Saudi Aramco was said to have hired a unit of oil services firm Baker Hughes - Gaffney, Cline and Associates along with Dallas-based DeGolyer and MacNaughton to carry out the review.