Tuesday, July 05, 2005


"The problem is that we are reliant on a handful of gigantic (and aging) oilfields for the vast majority of our oil supply – oilfields that have been in production for decades and may have been 'overproduced' in order to keep up with growing demand. As these fields go, so does global oil production – they are that large. Nothing found since can hold a candle to these goliaths. Nowhere is this more apparent than in the Middle East, especially Saudi Arabia which is the largest OPEC producer by far. 90% of the oil that Saudi Arabia has ever produced has come from five giant oilfields, some of which (like Ghawar) are over 50 years old. The two largest, Ghawar and Safaniya, have accounted for 75% of all Saudi oil production ever, and Ghawar today at five million barrels per day still accounts for almost 60% of Saudi production. To put the size and relevance of Ghawar in perspective, in the last 25 years the number of oilfields discovered in the world that are producing over 250,000 barrels per day can be counted on one hand."

Full article at 321 Energy

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