[Graeme]

Technological Advances to Quench Thirst for Oil

$this->bbcode_second_pass_quote('', 'T')he Ghawar oil field is the Kingdom’s crown jewel — the center piece of Saudi crude exports. Being the world’s largest oil field with roughly 5 million barrels of daily output, it holds an unparalleled significance to future global oil supplies. Stretching for more than 150 miles beneath the desert, it is the largest known deposit in the world. It produces twice as much oil than any other fields in the super-giant category, and has doubtlessly accounted for more than half of Saudi Arabia’s oil production.

Industry stalwarts have been saying for years that new technological advances would keep the world well oiled.

Nansen Saleri, former head of reservoir management for Saudi Aramco, who now heads the Quantum Reservoir Impact, points to recent technological advances in quenching the global thirst.

Referring to the available technology adopted by Aramco while developing the Haradh oil field, the southernmost portion of the giant Ghawar complex, as unique and a model for future developments, Saleri terms them as a launching pad for a new era in reservoir management.

A decade from now, Saleri underlines these will likely become standard in the lexicon of mega projects, providing the much-needed supplies to the world markets.

[advancedatheist]

Matt Simmons has pointed out repeatedly that these technological fixes don't increase the total recovered oil all that much. They just suck the oil out with a "bigger straw," followed by a more rapid decline than you get from using older oil extraction technologies.

[SILENTTODD]

$this->bbcode_second_pass_quote('advancedatheist', 'M')att Simmons has pointed out repeatedly that these technological fixes don't increase the total recovered oil all that much. They just suck the oil out with a "bigger straw," followed by a more rapid decline than you get from using older oil extraction technologies.

[Leanan]

The CEO of Baker Hughes was on CNBC this morning.

He said Ghawar was declining by 4.5%, and someone else said they heard it was much steeper than that.

[TheDude]

That link goes to tips from some market guru. Video perhaps isn't up yet. And waddya know? Baker Hughes Announces Planned Retirement of James R. Clark.

$this->bbcode_second_pass_quote('', 'H')OUSTON, Aug. 30 /PRNewswire/ -- Baker Hughes Incorporated announced today that James R. "Rod" Clark, President and Chief Operating Officer, has announced his intent to retire from Baker Hughes on January 31, 2008, at which time Chad C. Deaton, Chairman and Chief Executive Officer, will then also assume the position of President.