Kuwait oil reserves and production

From: <glennmorton@entouch.net>
Date: Sat Feb 11 2006 - 22:30:53 EST


One of the things that I have been pointing out over the past few years is that in the late 80s when OPEC was distributing production quotas according to reserve figures, there was a sudden and unexplained increase in the reserves of all OPEC nations.  The press believes these inflated reserve numbers but many in the industry think they are hoaky.. Anyway, there was an interesting news account that strictly speaking has not been denied by the Kuwaitis.

Posted: Sunday, January 29, 2006

Kuwait City

Kuwait's oil minister said the state oil company was best placed to judge the size of the nation's oil reserves, but he stopped short of denying a report they were less than half the size officially stated.

Industry newsletter Petroleum Intelligence Weekly (PIW) reported earlier this month it had seen internal Kuwaiti records showing the Opec state's reserves were about 48 billion barrels.

'This was information disseminated by some media outlets and was denied by the head of Kuwait Oil Company (KOC),' Energy Minister Shaikh Ahmad Al Fahd Al Sabah said at parliament when asked to comment about the report.

 http://www.tradearabia.com/tanews/newsdetails_snOGN_article99903.html

 

Some might remember a post I made back in November which concerned the following reduction in Kuwait production.

http://www.ameinfo.com/71519.html

It was an incredible revelation last week that the second largest oil field in the world is exhausted and past its peak output. Yet that is what the Kuwait Oil Company revealed about its Burgan field.

Kuwait: Saturday, November 12 - 2005 at 08:46

The peak output of the Burgan oil field will now be around 1.7 million barrels per day, and not the two million barrels per day forecast for the rest of the field's 30 to 40 years of life, Chairman Farouk Al Zanki told Bloomberg.

He said that engineers had tried to maintain 1.9 million barrels per day but that 1.7 million is the optimum rate. Kuwait will now spend some $3 million a year for the next year to boost output and exports from other fields.

**

Now, it is highly unlikely that the Kuwait oil company dropped the production on Nov. 12, that was merely the day they announced the decline.  But, even if it were, it should have resulted in at the very least a drop of 100,000 barrels per day in the reported Kuwait production.  But, here is their production and it shows no drop in November which also illustrates something that I have known for a long while--the production figures which the world depends on are not accurate enough to know the true situation.

bbl/day

June       2,500,000
July       2,500,000
August     2,500,000
September  2,600,000
October    2,600,000
November   2,600,000

 

This kind of information has everything to do with environmentalism.  The reason we have so many trees in the US is because we don't chop them down for heating and cooking. Oil has been a blessing, contrary to the concepts of many in the environmental movement. But that blessing may be about to disappear.


Received on Sat Feb 11 22:34:40 2006

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