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The Kuwait Thread (merged)

For discussions of events and conditions not necessarily related to Peak Oil.

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby Oil-Finder » Thu 07 Feb 2008, 20:53:18

Tanada wrote:
Oil-Finder wrote:Ordering new tankers to deliver all that new oil.

--> LINK <--


Isn't this more the fact that single hull tankers are being phased out under international agreements?

Well it did say they were getting rid of several older tankers. But the noteworthy fact in the article was that 4 of the 6 new ones they were ordering were giant crude vessels. I'm assuming these are larger than the ones they're replacing, and thus, they could be expecting to ship out larger volumes with the new vessels.
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Gulf States May End Dollar Pegs, Kuwait Minister Says

Unread postby mattduke » Thu 01 May 2008, 20:04:47

They say the opposite thing about three times a week.

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Re: Gulf States May End Dollar Pegs, Kuwait Minister Says

Unread postby dorlomin » Fri 02 May 2008, 06:04:16

There are strong currents working in both directions in the region. I believe (off the top of my head) Kuwait has ditched its dollar peg, but the others are holding firm. As oil goes up and the dollar goes down some of these countries will only see small increases in value for there oil vs a basket of currencies but will be loosing money on other imports hand over fist. Infaltion.

Bahrain and some of the other UAE states may have to be especialy careful as they have Sunni royalty over Shia populous. They also take no account of the migrant workers, but many the fuedal land lord in Europe, China and Japan got the wrong end of some angry pitchforks taking no account of the anger of peasants. Those countries are powder kegs. They need to float there currencies to stem inflation take the pressure of off the middle and under classes.
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Kuwaiti MPs question reserves?

Unread postby dorlomin » Sun 15 Jun 2008, 17:50:14

KUWAIT CITY (AFP) - Opposition MPs filed a bill on Sunday that could effectively slash Kuwait's oil output if it is found that the Gulf state's proven reserves are actually much lower than official estimates.
The proposed legislation, signed by four MPs, stipulates that annual oil output from Kuwait, OPEC's fourth largest producer, should not exceed one percent of proven reserves.


It also requires the state to disclose to parliament the emirate's actual proven reserves, which Kuwait says officially stand at about 100 billion barrels, 10 percent of global reserves.

However, some reports say the emirate has inflated its oil wealth and that proven reserves could be as low as around 24 billion barrels.


http://www.peakoil.com/article39838.html

This has been a slow rumbling story for a couple of years, where Kuwaitis are starting to question the official position on the amount of oil they have.

I cannot believe there has not been some amount of bribery and arm twisting going on behind the scenes with this but still it seems a few want to rock the boat and ensure they dont just pump at full capacity and leave there grandchildren 'riding camels'.

A cut of 75 odd billion barrels in world reserves and a question mark over the rest of OPEC would be a mildly entertaining afternoon on the markets. One might even splurge out a £ or two on some popcorn to soak it all in.
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Re: Kuwaiti MPs question reserves?

Unread postby Fishman » Sun 15 Jun 2008, 20:01:16

Might be a hard sell: Petroleum accounts for nearly half of GDP, 90% of export revenues, and 5% of government income. Hard for anyone to voluntarily cut that much, unless of course, production is already dropping, "a voluntary phase in of oil output reduction for our children". Might hear the same from the Saudis soon also.
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Re: Kuwaiti MPs question reserves?

Unread postby DantesPeak » Sun 15 Jun 2008, 21:07:04

MPs said the PIW claim is supported by a confidential report issued in 2001 by Kuwait Oil Co, the state's oil exploration and production company.



Let's not also forget the tremendous damage that SH inflected on the oil fields when he over ran the country.

So yes, they might to slow things down a bit in case they were damaging the fields even further by over-producing. This seems to be a concept that the Saudis have accepted after pumping up output too fast a few years back to meet demand.
It's already over, now it's just a matter of adjusting.
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Re: Kuwaiti MPs question reserves?

Unread postby Starvid » Mon 16 Jun 2008, 00:54:08

DantesPeak wrote:
MPs said the PIW claim is supported by a confidential report issued in 2001 by Kuwait Oil Co, the state's oil exploration and production company.



Let's not also forget the tremendous damage that SH inflected on the oil fields when he over ran the country.

He destroyed a couple of billion barrels, the fracker.

Interestingly I've seen some slides from IHS (parent company of CERA and owner of the best oil reserve database in the entire world) putting Kuwaiti reserves at: current level minus 80's reserve inflation, minus the amount produced since then, minus the stuff destroyed in the war. :-D

I think they put it around 50 billion barrels, or half the official numbers.

That's what I call "missing barrels"! :lol:
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Re: Kuwaiti MPs question reserves?

Unread postby TheDude » Mon 16 Jun 2008, 01:18:51

The Oil Drum: Australia/New Zealand | Oil Reserves: Where Ghawar goes, the rest of OPEC follows (May 27, 2008)

Hope the bill gets approved before the 22nd, but even with it on the table...

Importantly, it is not only Saudi Arabia for which there is evidence that reserves have been grossly overstated. Quoted reserves for the six largest OPEC members, and large upward revisions during the 1980's in particular, give cause for concern. The International Energy Agency5 has supported this interpretation, saying that “the hike in OPEC countries’ estimates of their reserves was driven by negotiations at that time over production quotas, and had little to do with the actual discovery of new reserves.”

More revealing is recent IHS data, in this case specifically for Kuwait6 (fig.2). This suggests that Kuwait's reserves are barely half the 101 billion barrels reported publicly. Further confirmation comes in the IEA’s definitive World Energy Trends 2005 – Middle East and North Africa (MENA)7. They estimate remaining proved and probable (2P) reserves in Kuwait (including half share of Neutral Zone) at 54.9 billion barrels from 9 named and two 'other' fields. For the UAE, proven and probable reserves (2P) are put at 55.1 billion barrels from 9 named fields and one 'other'. These estimates for the end of 2004 are sourced from IHS Energy and IEA databases.

Image

Figure 2: Kuwait Reserves – OPEC vs IHS

It is almost certain that reserves in Iran, Iraq and Venezeula are overstated to a similar degree. Reserves for other OPEC members Algeria, Indonesia, Libya, Nigeria, Qatar and now Angola appear somewhat more realistic, although these are still are not provided with any form of audit or verification that they meet external reporting standards.

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Re: Kuwaiti MPs question reserves?

Unread postby Starvid » Mon 16 Jun 2008, 01:29:01

And there the very graph is! Thanks Dude!
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Re: Kuwait to Raise Oil Production 300,000 Barrels a Day

Unread postby Niagara » Mon 23 Jun 2008, 20:55:12

Five more minutes of oil each day. Lovely.
Last edited by Ferretlover on Sun 15 Mar 2009, 22:29:33, edited 1 time in total.
Reason: Merged with THE Kuwait Thread.
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Re: Kuwait to Raise Oil Production 300,000 Barrels a Day

Unread postby Peepers » Mon 23 Jun 2008, 21:42:17

If it even happens. Kuwait isn't exactly known for being transparent in its oil data. Only when we start counting tankers departing "heavy" from Kuwait can we verify its production levels.
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Re: Kuwait to Raise Oil Production 300,000 Barrels a Day

Unread postby DantesPeak » Mon 23 Jun 2008, 21:44:34

Isn't this the same production increase announced by the Saudis and included in their projections when they said the increase was shared with Kuwait?
It's already over, now it's just a matter of adjusting.
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Re: Kuwait to Raise Oil Production 300,000 Barrels a Day

Unread postby yull » Tue 24 Jun 2008, 07:11:14

This is the same Kuwait of course that recently admitted it had massively overstated it's reserves, by around 50% if I recall.
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Re: Kuwait to Raise Oil Production 300,000 Barrels a Day

Unread postby TheDude » Tue 24 Jun 2008, 10:21:28

Tried just now to find out if data transparency was discussed at Jeddah. Nix. The very notion!
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Sandstorm Shuts Down Oil Exports from Kuwait

Unread postby bratticus » Wed 11 Mar 2009, 11:53:17

This can't be good, right?
In the eye of a sandstorm
Arab News, March 11, 2009 (15 Rabi` al-Awwal 1430)
... skip ... In neighboring Kuwait, oil exports were restarted after a brief halt due to the storm and poor weather. Sources in Saudi Arabia and the United Arab Emirates said their Gulf export operations were not affected. ... snip ...

Kuwait ceases exports because of bad weather Kuwait ceases exports because of bad weather
Bloomberg, Published: March 10, 2009, 22:50:
Kuwait City: Kuwait halted oil exports as a heavy sandstorm and strong winds hit the country, a Kuwait National Pet-roleum Company spokesman said.

"We stopped exports about five minutes ago ... due to the bad weather, the sandstorm and strong winds," Mohammad Al Ajmi said in a telephone interview yesterday. "All shipping operations have been stopped and we will need to monitor the situation for at least 12 hours."

The exports include crude, liquefied petroleum gas and other oil products. Kuwait, the fifth-largest producer of crude in the Organisation of Petroleum Exporting Countries, pumped 2.14 million barrels of oil a day in February, according to Bloomberg data. ... snip ...

So where's the price *ka-boom*? What kind of a lag if any? Is there simply too much spare capacity around for this to do anything to the price?
Last edited by Ferretlover on Mon 16 Mar 2009, 19:47:24, edited 1 time in total.
Reason: Merged with THE Kuwait Thread.
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Re: Sandstorm Shuts Down Oil Exports from Kuwait

Unread postby vision-master » Wed 11 Mar 2009, 11:58:17

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Re: Sandstorm Shuts Down Oil Exports from Kuwait

Unread postby bratticus » Wed 11 Mar 2009, 12:04:46

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Re: Sandstorm Shuts Down Oil Exports from Kuwait

Unread postby bratticus » Wed 11 Mar 2009, 12:11:57

The Kuwait export suspension due to the sandstorm is happening concurrently with a multi-day force majeure

Shell declares force majeure on Forcados oil shipments

Reuters
Mon Mar 9, 2009

LONDON, March 9 (Reuters) - Royal Dutch Shell (RDSa.L) has declared force majeure on its Nigerian Forcados oil shipments due to the impact of explosions on a pipeline last week, it said on Monday.

"Shell's joint venture has declared force majeure from Saturday on outstanding March and April Forcados offtakes," a Shell spokesman said.

Forcados exports were due to be around 184,000 barrels per day (bpd) in March and 285,000 bpd in April. Shell could not confirm how much of this would now be delayed or cancelled.

"The explosions on the trans-Escravos pipeline the weekend before last shut in some production. We're still working to recover the spilt oil and repair the pipeline," the company spokesman said.

Last week, Shell said it had shut in a number of oil installations after explosions on a pipeline that may have been due to sabotage.

The blasts caused at least three punctures to the 24-inch trans-Escravos pipeline, which sends crude oil from Shell's Forcados oilfields to the Escravos oil export terminal in Nigeria's Niger Delta.

A senior official from Nigeria's state oil firm NNPC, which jointly operates the pipeline with Shell's Nigerian unit SPDC, said as much as 70,000 bpd had been shut down due to the damage.

Nigeria's most prominent militant group, the Movement for the Emancipation of the Niger Delta (MEND), called off a ceasefire a month ago. But it has not claimed any significant strikes against the industry, partly because the military has stepped up a campaign to flush out its fighters. (Reporting by Joe Brock; editing by James Jukwey)


But still the price hovers around $40/bbl for NYMEX CL

Image

Are we drowning in spare capacity now or what?
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