Thursday, November 18, 2004

Ghawar is dying - Saudi Arabia may have already peaked: "Much discussion and hard data was devoted to the fact that Ghawar, the largest field in the world, along with all of Saudi Arabia’s other large fields, was old and tired.... Ghawar’s ultimate recoverable reserves in 1975 were estimated at 60 billion barrels – by Exxon, Mobil, Texaco and Chevron. It had produced 55 billion barrels up to the end of 2003 and is still producing at 1.8 billion per annum. That shows you how close it might be to the end. When Ghawar dies, the world is officially in decline."

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