conventional oil,” Nasser said. “Of course, not all of these barrels are recoverable.” The world has produced and consumed nearly one trillion barrels of oil and has about 1.2 trillion more in current proven recoverable reserves. “Saudi Aramco has 742 billion barrels of discovered oil resources,” he said. “Some of this oil has already been produced — about 116 billion barrels — leaving 260 billion barrels as the current proven remaining reserves.” This recoverable proportion makes up 50 percent of Saudi Aramco's total oil resources. Nasser assured the audience that Saudi Aramco is using these resources to respond to global demand, as can be witnessed by the largest capital expansion program in the company's 75-year history, in fields such as Khurasaniya, Khurais, Nuayyim, the Shaybah expansion and Manifa. --MORE
