10 Sep '13, 2pm

Of Milk Cows and Saudi Arabia

Of Milk Cows and Saudi Arabia

The gap between what might have been (red staircase) and what is reported as production capacity (blue dots) is explained by considering the net of two competing developments: 1) depletion of legacy fields (Ghawar etc.) as they are produced, and b) mitigation of this depletion by drilling new wells in these fields. Since Saudi Aramco does not release data for individual fields or new vs. old wells, we are left to speculate on the relative magnitudes of these. On the plus side, the 5 mbpd from the new projects will (hopefully) deplete less rapidly than older fields. On the minus side, only 2 mbpd capacity was added - and they have exhausted all of the major fields in the pipeline. On the double minus side (for the world, anyway), only 1 - 1.5 mbpd of actual production was added since 1995, and (according to BP) all of that increase went into internal consumption. So after n...

Full article: http://www.theoildrum.com/node/10238

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