KHOBAR Saudi Arabia, (Reuters) – Saudi King Abdullah has selected the board of directors of state oil giant Saudi Aramco for the next three years, official Saudi media reported on Saturday.

Saudi Oil Minister Ali al-Naimi remains chairman, the official SPA news agency said.

The two new members include David J. O’Reilly, former chairman and chief executive of U.S. oil firm Chevron, and Amin Nasser, Aramco’s vice president for exploration and production, SPA reported, citing a royal decree.

Top oil exporter Saudi Arabia is the holder of the world’s largest oil reserves. Aramco’s recoverable oil and condensate reserves edged up to 260.1 billion barrels in 2009. The kingdom has the fourth-largest gas reserves at 275.2 trillion cubic feet.

The new board will serve starting Aug. 25, SPA said.

Other members who retain their positions are:

* Ibrahim al-Assaf, Saudi Finance Minister

* Mohammed I. Al-Suwaiyel, president of the King Abdulaziz City for Science And Technology

* Abdul Rahman A. Al-Tuwaijri, chairman of the Saudi Capital Markets Authority (CMA)

* Khaled S. Al-Sultan, rector and chief executive of the King Fahd University of Petroleum & Minerals (KFUPM)

* Khalid A. Al-Falih, chief executive officer of Saudi Aramco

* Abdulaziz F. Al-Khayyal, senior vice president of industrial relations at Aramco

* Salim S. Al-Aydh, senior vice president of Engineering and Project Management at Aramco

* Sir Mark Moody-Stuart, a former chairman of Royal Dutch Shell

* Peter Woicke, former executive vice president of the International Finance Corporation (IFC) and managing director of the World Bank.