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OneLoneClone wrote:Wow that is really bad news. Hope we dont have to read a similar article about Ghawar anytime soon.
But I think we will.
This is depressing, just a couple months ago I thought we still had 5-10 years before peak. Its now, isn't it?
.. in part to compensate for declines at Burgan. ..
Taskforce_Unity wrote:I think there has been some misinterpretation here. The Burgan field has been partially "mothballed" the last few years to increase the tremendous amoun of pressure the field has. 2004 production was 1.35 mb/d.
The KOC was aiming for an increase to 2 mb/d production within 5+ years due to technology and stuff. This production could then be held for a longer time. But now it appears as if they were too optimistic and only 1.7 mb/d can be attained.
So this Burgan is declining stuff is nonsense i think. Yes the oil is starting to deplete. Yes the oil field will probably stop producing 20 to 30 years from now. But it's not like that is tomorrow.
Tanada wrote:If Burgan peaked already and has been running 60 years I would think 20 more years of production or more is economically possible, but with ever more declines every year from now till the end of economic production. What was Burgan production in 2000, 2001? If it can only produce 1.35 today and it produced more in 2000-2001 it sure looks like decline and it sure sounds like decline. Saying they are 'resting' the field at a time when world oil prices are at an all time high? That does not sound reasonable unless something happenned damaging the field in the last 5 years and they were evaluating and compensating.
lowem wrote:Says there that Cantarell, Mexico is the second largest oil-field. Of Ghawar I'd suppose we have no doubt, but is Mexico's Cantarell second-largest or Kuwait's Burgan? Hmm. Or was that second by daily production figures instead of reserve size?
In bloomberg type NI MIDEAST BN then type BURGAN in the search field and page forward about 20 times to see the story on 11/10.
Kuwait Oil Field, World's 2nd Largest, Is `Exhausted' (Update2)
By James Cordahi and Andy Critchlow
Nov. 10 (Bloomberg) -- Kuwaiti oil output from the world's second-largest field is ``exhausted'' and falling after almost six decades of pumping, forcing the government to increase spending on new deposits, the chairman of the state oil company said.
The plateau in output from the Burgan field will be about 1.7 million barrels a day, rather than as much as the 2 million a day that engineers had forecast could be maintained for the rest of the field's 30 to 40 years of life, said Farouk al Zanki, the chairman of state-owned Kuwait Oil Co. Kuwait will spend about $3 billion a year for the next three years to expand output and exports, three times the recent average.
To boost oil supplies, ``Burgan by itself won't be enough because we've exhausted that, with its production capability now much lower than what it used to be,'' al-Zanki said during an interview in his office in Ahmadi, 20 kilometers south of Kuwait
City. ``We tried 2 million barrels a day, we tried 1.9 million, but 1.7 million is the optimum rate for the facilities and for ...
some_guy282 wrote:I thought the world's second largest field was in Mexico?
In any event, how long until the Saudis are letting the world know Ghawar's production is hiting a peak, but telling us not to worry because they have so many other great fields they have yet to develop.
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