[Zardoz]

$this->bbcode_second_pass_quote('', 'N')aimi, a prominent geologist, was quoted as saying: "There is a possibility that the kingdom will raise its reserves by around 200 bn barrels, either through new finds or by increasing what it produces from existing fields. ...These reserves enable the kingdom to remain a major oil producer for between 70 and 100 years, even if it raises its production capacity to 15m b/d, which may well happen during the next 15 years".

[americandream]

If their major sources of stock are in decline and these new fields are minor reserves and not of the magnitude of Ghawar, I can't see an increase, perhaps a plateau, but certainly not an increase.

[Oil-Finder]

link
$this->bbcode_second_pass_quote('', '[')b]Ghawar field reserves decline overstated, survey says
Eric Watkins Senior Correspondent
LOS ANGELES, Dec. 10 -- Concerns about global oil peaking due to declining reserves at Saudi Aramco's Ghawar oil field may be overstated, according to Bernstein Research commenting on the results of a recent satellite survey.

In a note to investors, Bernstein Research said satellite images show that a recent rise in Aramco drilling activity has focused on two major expansion developments and not, as earlier assumed, on keeping older parts of the field producing with enhanced recovery techniques. "The majority of the increased activity in the Ghawar field can be explained by the Haradh-III, and the Hawiyah natural gas liquids recovery megaprojects, which were not designed as a quick fix to Ghawar's supposed rapid decline," the Bernstein Research note said.

The firm said theories of Ghawar's decline may be based on little or incomplete data from Saudi Arabia on the state of its oil sector. "Without accurate and detailed data on what Saudi Aramco is undertaking, or with a poor understanding of current Ghawar decline rates, many conspiracy theories have arisen, which argue that we are on the cusp of global peak oil production," the research note said.

Bernstein Research conceded that increased drilling in older sections of Ghawar could suggest efforts to halt some declines, but that such drilling does not by itself point to a sudden drop in the field's output. The firm concluded that "there is life in this old field yet, as its demise has been overly anticipated." Bernstein said its report was an initial analysis of satellite data from 2004-07, with a final conclusion expected in the coming months. It did not detail the source of the imagery.

The Bernstein Research note counters arguments by experts backing peak oil theories who have warned that sharp global declines could happen at any time, and that Saudi Arabia will only be able to keep production flat for several years but not increase output to meet demand growth. Bernstein Research is a division of Sanford C. Bernstein & Co. LLC which provides investment research to institutional investors.

[alokin]

who is Bernstein research? Who pays them? Are they independent?
There was yet a thread about this topic, but there was very little reaction, despite it is a really serious issue weather and in which speed the world biggest oil field declines.

[TheDude]

$this->bbcode_second_pass_quote('alokin', 'w')ho is Bernstein research? Who pays them? Are they independent?

[Oil-Finder]

$this->bbcode_second_pass_quote('pstarr', 'i')f you intend this as a refutation of peak oil then you have seriously misconstrued the implications of what is being said. As a newbie to this site you don't understand what a revelation such an article reveals. It all but admits that the greatest oil field ever discovered, the source of the petroleum miracle is in near decline. got substitutes?

[like_the_dinosaurs]

Since when does how many posts someone has made or when someone joined have anything to do with how much they know of a certain topic.
I know what to do, I will sit at my laptop all day and night except now i'l throw my two cents at everything i see. It's just an article, I'm pretty sure it was for everyones viewing and not to make some grand statement the PO is BS. And yes the article is shit.

[lawnchair]

Again, we'll see. Not that things are ever comparable, but it certainly reminds me of my childhood. In the oilfields of central Kansas, the big, big drilling boom was from about 1979-1985. Thousands and thousands of new wells. The tertiary recovery types didn't come along until several years later. Prices were high... massive investments... expansion... megaprojects... overtime galore.

Peak Kansas oil was in 1971. It never approached that number again. Same story in Tulsa, same story in Midland/Odessa.

[Valdemar]

A nearly one year old article on oil exploration and potentially maybe 100 billion barrels off a nation that loves the bio-fuel party more anyway.

Colour me unimpressed.

[TheDude]

$this->bbcode_second_pass_quote('Oil-Finder', 'W')hich brings us to at least 350 billion barrels - more than 3 times the size of Ghawar!

[Oil-Finder]

$this->bbcode_second_pass_quote('TheDude', 'Y')our article on the Bakken fields barely mentions flow rates. Your second article is merely a primer on the geography of the area.
$this->bbcode_second_pass_quote('', 'D')iscovered in 2000, Elm Coulee has grown to 529 square miles and produced 15 million barrels of oil in 2005

[Oil-Finder]

$this->bbcode_second_pass_quote('Valdemar', 'A') nearly one year old article on oil exploration and potentially maybe 100 billion barrels off a nation that loves the bio-fuel party more anyway. Colour me unimpressed.

[eastbay]

Let's all try to remember that when the lights are all turned off, there will still be 100's of billions of barrels... maybe a trillion barrels or more... of oil remaining hidden or inaccessible for various reasons somewhere in the ground never to be extracted by modern humans.

[Oil-Finder]

$this->bbcode_second_pass_quote('pstarr', '')$this->bbcode_second_pass_quote('wiki', 'A') conservative estimate of Bakken's technically recoverable oil would be 1% to 3% percent, or between 4.1 and 12.4 billion barrels of oil, due to the fact that Bakken's shale is so tight.

[Oil-Finder]

$this->bbcode_second_pass_quote('eastbay', 'L')et's all try to remember that when the lights are all turned off, there will still be 100's of billions of barrels... maybe a trillion barrels or more... of oil remaining hidden or inaccessible for various reasons somewhere in the ground never to be extracted by modern humans.