by fluffy » Tue 10 Apr 2007, 07:23:45
$this->bbcode_second_pass_quote('Revi', 'S')croll to the bottom of Stuart Standiford's post on the Oil Drum. The last graph makes it understandable. We're in trouble. Along with Cantarell and maybe Burghan we are losing the biggest oil fields on earth. Simmons says in End of Suburbia that if Saudi Arabia has peaked, the world has peaked. We're there.
Cantarell is certainly past peak, that's beyond reasonable doubt.
Burgan, I'm not as sure. The field was almost certainly damaged in the first gulf war, but Kuwait always seems (even on low reserve estimates) to have had huge R/P ratios. Gwahar - as far as TOD goes, it seems to have a few years left. It's just flustrating not knowing; we seem to be at the limits of available information. I often get the impression that too many doomers are itching to proclaim the death of Gwahar.
What I would say is - watch Russia. Personally, I think that the possiblity of significant declines in Russia - i.e. 500kb/d per year or more - is much higher, since a lot of the recent production increases have been built on more more depleted fields and a smaller total resource base.