Are Saudi Reserves Drying Up?

“Our oil challenges: aging fields, rising levels of water, and complex formations,” said the Saudi Aramco geologists in a presentation in the Saudi oil city of Dhahran.

Aramco, which controls 98 per cent of Saudi Arabia’s oil reserves, has had its doors shut to the outside world for more than 50 years, keeping energy experts guessing about how much oil the kingdom actually has, and how long its gigantic fields can feed oil-thirsty economies such as the United States.

But this revelation from Saudi Aramco’s oil geologists in 2003 was enough for Mr. Simmons to spend the next two years trying to solve the mystery surrounding Saudi oil fields.
The Globe and Mail