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Tue 8 Jun 2010 07:41 AM

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Saudi Aramco says it has 260bn barrels of oil reserves

Company unit chief also announces plans to significantly increase gas output by 2014.

Saudi Aramco says it has 260bn barrels of oil reserves
OIL RESERVES: Saudi Aramco on Tuesday said it had 260bn barrels of oil reserves. (Getty Images)

Saudi Aramco has 260 billion barrels of oil reserves, Mohammed Al-Qahtani, the executive director of the company’s Petroleum Engineering & Development unit, said at a conference in Beijing on Tuesday.

The company aims to increase gas output to 15.5 billion cubic feet a day by 2014 from the current 11.2 billion cubic feet a day, he said.

The world has 4.7 trillion barrels of oil reserves remaining, he added.

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