The Oil Drum: More on Saudi fields and rigs

….Let’s begin with the exploration and investment in Saudi Arabia, since this is where the largest increase in oil supply is expected. Yesterday’s quote from Aramco VP Khalid al-Falih has an interesting sub-message. He said that the Saudi’s are now increasing the number of drilling rigs to 90, from a recent working set of 28 onshore and 3 offshore. This is to meet their production plans, and to counter a recognized depletion of 1 mbd per year.

Now 25 years ago the average Saudi well produced around 10,000 bd, but by 2000 this had fallen to 5,140 bd, and there is growing body of evidence that it has now fallen to about 3,300 bd. Unfortunately the decline will not stop there…

The Oil Drum