Riyadh: Saudi Arabia is ready for the initial public offering of Saudi Arabian Oil Co. in the domestic market, with additional work needed if there is a decision to sell shares in more than one country, according to the vice-chairman of the kingdom’s market regulator.
“The only additional precaution that may be needed is certain preparations for a potential joint listing,” Mohammad Al Kuwaiz of the Capital Markets Authority told reporters at a conference in Riyadh on Tuesday. “Most of that work is less on the regulatory side and more on the operational side which is basically the exchange connecting with other exchanges.”
Saudi Aramco plans to sell shares on the Saudi stock market and is also considering foreign bourses in London, Hong Kong and New York, Chief Executive Officer Ameen Nasser said in October. The world’s biggest oil company is planning to sell shares in the entire business, he said. Aramco’s plan to sell a stake of about 5 per cent could value the company in the trillions of dollars.
The kingdom has sold its first international bonds, raising $17.5 billion in the biggest-ever issue from an emerging-market nation, and is taking steps to make the Middle East’s largest stock market more accessible to foreign investors.
“Both the Aramco IPO and the activities of the Saudi market to attract more foreign investors are moving in parallel,” Al Kuwaiz said.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
ROCKMAN wrote:Doc - They might be righteous auditors. But as you know an audit cannot be more valid then the data provided. Given there's no independent data available then what the KSA provides it should cause some concern, don't you think?
Doc - They might be righteous auditors. But as you know an audit cannot be more valid then the data provided. Given there's no independent data available then what the KSA provides it should cause some concern, don't you think?
. Aramco would not have put false information into their full field models, otherwise the outputs would have been useless to them. GCA will have access to the model input data (generally they will review the models and then take the data and run their own). Can't see where the opportunity for the Saudis to fabricate information would come in.The KSA numbers they give the auditors CAN NOT be verified. IOW the KSA can completely fabricate the numbers to generate the end result they seek. No one knows how much oil and water has been produced from Ghawar Field. And what production history the KSA gives the auditors cannot be vertified.
I've mentioned it before: even with all the controls in the US system a talented geologist/engineer can prejudice the auditors in their favor to some degree. Early on the Rockman developed a strong reputation for being so skilled. Never lied or provided false data. But boy, if I could have, the reserve numbers would have been much bigger. LOL. Also had a good reputation for busting audits since I was well versed in the tricks.
ROCKMAN wrote:...a more basdic question: will the KSA provide the auditors/the world with DOCUMENTED proof of how much oil it produced every month in 2016? Data that has been classified as a state secret.
Doc - Same point: "This would mean production information...". No way to confirm those numbers. And yes: the KSA could provide all the logs, seismic data, etc. So give us a guess: how many man-years will it take the auditors to generate the interpretations made over decades? Hell, forget maps and seismic: how long to do just the basic petrophysical analysis?
Or a more basdic question: will the KSA provide the auditors/the world with DOCUMENTED proof of how much oil it produced every month in 2016? Data that has been classified as a state secret.
Independent Audit Confirms Saudi Aramco’s Huge Oil ReservesThe first independent audit of Saudi Aramco's oil reserves has confirmed the state oil company's own figures, sources familiar with the situation said, ahead of its planned share market listing next year.
Based on a figure of 265 billion barrels, Aramco's fields contain about 15 percent of the world's proven reserves. Any finding that the reserves are significantly above or below that could affect the company's market value in the listing. "The independent audit produced no surprises," a source familiar with the situation said on Friday. "Aramco's reserves have always been reported internally in line with international practice."
Aramco had asked two U.S. oil reserve auditing specialists to review its deposits. These are Gaffney, Cline and Associates, part of Baker Hughes (BHI.N) and Dallas-based DeGolyer and MacNaughton. DeGolyer and MacNaughton completed its audit last year, two of the sources said.
Aramco said its crude oil and condensate reserves were 261.1 billion barrels in its 2015 annual report. The reserves audit produced figures "definitely not below" those published by Aramco, a second source familiar with the matter said, while a third source said the auditing firm's estimate was higher than Aramco's own.
kublikhan wrote:These firms where hired last year and their audits are already complete. No surprises were reported, their results basically confirmed Saudi Aramco's own figures.Independent Audit Confirms Saudi Aramco’s Huge Oil ReservesThe first independent audit of Saudi Aramco's oil reserves has confirmed the state oil company's own figures, sources familiar with the situation said, ahead of its planned share market listing next year.
Based on a figure of 265 billion barrels, Aramco's fields contain about 15 percent of the world's proven reserves. Any finding that the reserves are significantly above or below that could affect the company's market value in the listing. "The independent audit produced no surprises," a source familiar with the situation said on Friday. "Aramco's reserves have always been reported internally in line with international practice."
Aramco had asked two U.S. oil reserve auditing specialists to review its deposits. These are Gaffney, Cline and Associates, part of Baker Hughes (BHI.N) and Dallas-based DeGolyer and MacNaughton. DeGolyer and MacNaughton completed its audit last year, two of the sources said.
Aramco said its crude oil and condensate reserves were 261.1 billion barrels in its 2015 annual report. The reserves audit produced figures "definitely not below" those published by Aramco, a second source familiar with the matter said, while a third source said the auditing firm's estimate was higher than Aramco's own.
The first independent audit of Saudi Aramco's oil reserves has confirmed the state oil company's own figures, sources familiar with the situation said, ahead of its planned share market listing next year.
Based on a figure of 265 billion barrels, Aramco's fields contain about 15 percent of the world's proven reserves. Any finding that the reserves are significantly above or below that could affect the company's market value in the listing. "The independent audit produced no surprises," a source familiar with the situation said on Friday. "Aramco's reserves have always been reported internally in line with international practice."...
pstarr wrote:'Independent' says you, PlantedAgent. (not an accident Simmon's extended middle finger is just out of sight)
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