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Page added on June 9, 2014
The World’s Five Most Important Oil Fields
Much has been made about the role that hydraulic fracturing – or fracking — has played in revolutionizing the energy landscape, unlocking vast new reserves of oil trapped in shale rock. This “tight oil” is pouring into the global pool of oil supplies at a crucial time, preventing oil prices from spiking in an age of high demand and geopolitical turmoil.
But the world still relies overwhelmingly on conventional oil production from existing fields, many of which are in decline. The Middle East has dominated the world of oil for half a century and as the list below shows, it remains king. Here are the top five most important oil fields in the world.
1. Ghawar (Saudi Arabia) The legendary Ghawar field has been churning out oil since the early 1950s, allowing Saudi Arabia to claim the mantle as the world’s largest oil producer and the only country with sufficient spare capacity to act as a swing producer. Holding an estimated 70 billion barrels of remaining reserves, Ghawar alone has more oil reserves than all but seven other countries, according to the Energy Information Administration. Some oil analysts believe that Ghawar passed its peak perhaps a decade ago, but Saudi Arabia’s infamous lack of transparency keeps everyone guessing. Nevertheless, it remains the world’s largest oil field, both in terms of reserves and production. It continues to produce 5 million barrels per day (bpd).
2. Burgan (Kuwait) Just behind Ghawar is another massive oil field located in the Middle East. The Burgan field was originally discovered in 1938, but production didn’t begin until a decade later. The field holds an estimated 66 to 72 billion barrels of reserves, which accounts for more than half of Kuwait’s total, and it produces between 1.1 and 1.3 million bpd.
3. Safaniya (Saudi Arabia) The Safaniya field is the world’s largest offshore oil field. Located in the Persian Gulf, the Safaniya field is thought to hold more than 50 billion barrels of oil. It is Saudi Arabia’s second largest producing field behind Ghawar, churning out 1.5 million bpd. Like Saudi Arabia’s other fields, Safaniya is very mature as it has been producing for nearly 60 years, but Saudi Aramco is working hard to extend its operating life.
4. Rumaila (Iraq) Iraq’s largest oil field is the Rumaila, which holds an estimated 17.8 billion barrels of oil. Located in southern Iraq, Rumaila was highly sought after when the Iraqi government put blocks up for bid in 2009. BP and the China National Petroleum Corporation (CNPC) are working together to develop the giant field along with Iraq’s state-owned South Oil Company. The field now produces around 1.5 million bpd, but its operators have plans to boost that production to 2.85 million bpd over the next couple of years.
5. West Qurna-2 (Iraq) Also located in southern Iraq, the West Qurna-2 field is Iraq’s second largest, holding nearly 13 billion barrels of oil reserves. The West Qurna field was divided in two and auctioned off to international oil companies. Russia’s Lukoil took control of West Qurna-2 and successfully began production earlier this year at an initial 120,000 bpd. Lukoil plans on lifting production to 1.2 million bpd by the end of 2017. The neighboring West Qurna-1 field – operated by a partnership of ExxonMobil, BP, Eni SpA, and PetroChina – holds 8.6 billion barrels of oil reserves. They hope to increase production from 300,000 bpd to more than 2.3 million bpd over the next half-decade.
It’s clear that the Middle East is still the center of the universe when it comes to oil. Despite their age, these supergiants remain the oil fields of tomorrow. And as the tight oil revolution in the U.S. plays out, these fields will remain, and the world will continue to depend heavily on the fortunes of a few countries in the Middle East
8 Comments on "The World’s Five Most Important Oil Fields"
westexas on Mon, 9th Jun 2014 9:18 am
Some recent production, net exports* and ECI data for the OPEC 12 countries.
*EIA, total petroleum liquids + other liquids, million barrels per day. P = Production, C = Consumption. NE = Net Exports. ECI Ratio = Ratio of production to consumption
2002:
P: 28.9 mbpd
C: 5.7
NE: 23.2
ECI Ratio (P/C): 5.1
2005:
P: 34.8 mbpd
C: 6.5
NE: 28.3
ECI Ratio (P/C): 5.4
2012:
P: 36.3
C: 8.3
NE: 28.0
ECI: 4.3
Based on 2005 to 2012 rate of decline in the OPEC 12 ECI ratio, estimated post-2005 OPEC 12 CNE (Cumulative Net Exports) are about 260 Gb.
CNE for 2006 to 2012 inclusive were about 70 GB, suggesting that estimated post-2005 OPEC 12 CNE may have been about 27% depleted in only seven years.
bobinget on Mon, 9th Jun 2014 10:15 am
Damn those Core Lab Dutchman.
Reminder:
Iraqi fields have been comparatively ‘resting’ for more that 30 years. Saddam’s invasions forced production slowdowns beginning with 1980’s war on Iran, Kuwait’s “Desert Storm” then, “Collation of the Willing” to the present day.
Only now, admittedly with advanced technology could Iraq’s full potential be realized. With hundreds of so called Muslim on Muslim terrorist casualties daily, it’s possible production could once again be curtailed.
How long has it been since we’ve been talking openly about bombing Iran?
Instead, there have been restrictions on Iran selling
its oil. For the last ten years we’ve seen so called ‘sanctions’. A device construction apparently designed to get Iran in bed with Russia and China.
I’m saying, to a lesser degree Iran’s wells have also been ‘resting’ while what took nature a billion years to create, Saudi Arabia has been pumping full tilt boogie for 60 years. To believe any oil field is inexhaustible
is to believe in magic… as many people do..
Even Core Lab’s technology will one day ‘run out of gas’ in KSA.
rockman on Mon, 9th Jun 2014 11:41 am
In the end I suppose there are three different “importance” metrics: how much oil a field has produced in the past, how much it’s producing today and at what rate it will be producing in the future.
Each gets to decide their focus for whatever reason they chose.
J-Gav on Mon, 9th Jun 2014 3:28 pm
Oh darn! What happened to Cantarell? Is it still even in the top 10?
Non-OPEC will be lookin’ kinda sad once the current NA boom starts its downward slide.
Northwest Resident on Mon, 9th Jun 2014 3:31 pm
They forgot to mention the Monterey Shale with its billions and billions of recoverable oil.
What?! That turned out to be bullshit?
Well, at least we know that KSA and OPEC still have plenty of oil left, right? Because they say so. Nothing to worry about, folks, just clip some coupons and head on down to Walmart — everything’s going to be JUST FINE.
Northwest Resident on Mon, 9th Jun 2014 3:41 pm
By the way, quick question.
Why does an oil field (Safaniya) thought to hold more than 50 billion barrels of oil and still pumping strong after nearly 60 years need Saudi Aramco to “work hard” to extend its operating life?
If they are working hard to extend its operating life now, doesn’t that kind of call into question their ability to extract all of those 50 billion barrels of oil?
Kenz300 on Mon, 9th Jun 2014 7:50 pm
How many landfills are there in the world?
Every landfill can now be converted to produce energy, biofuels and recycled raw materials for new products.
Second generation biofuels can be made from waste or trash.
It is time to think about local energy production and local jobs. That will provide more energy security and economic security.
Many small sustainable producers will replace the large producers of the past as they begin to run dry and price themselves out of the market..
Makati1 on Mon, 9th Jun 2014 9:40 pm
The World’s Five Most Important Oil Fields = The last five oil fields still producing.