27-05-03 Saudi Arabia's oil reserves will last for 20 years more than previously anticipated, the country's oil minister said.
"The Kingdom's average production and proven oil reserves some 20 years ago indicated that (oil) will last for 70 years to come," Ali Naimi said. "With increasing reserves and after 20 years of continuous production, (Saudi Arabian Oil Co.) Aramco has more than 90 years of production,” Naimi said.

Naimi's comments came ahead of the 70th anniversary of granting of the country's first oil concession, to an affiliate of Standard Oil of California. Saudi Arabia is the world's biggest oil producer, at about 8 mm bpd.
In 1933, oil prospecting began on the east coast of the Kingdom. In 1973, Saudi Arabia acquired a 25 % participation interest in Arabian American Oil Company, Aramco. Saudi Arabia nationalized its oil fields in 1975 after tension caused by the Arab oil embargo against the West and bought out four US companies' interests in Aramco. Saudi Aramco, the state oil company, manages all oil operations in the kingdom.