I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Joined: Mar 04, 2005 Posts: 2730 Location: New Zealand
Posted: Sun Apr 20, 2008 3:28 pm Post subject: Saudi Aramco Says New Oil Field, Khursaniyah, Starts Product
Saudi Aramco Says New Oil Field, Khursaniyah, Starts Production
Quote:
Saudi Arabia has started production at the Khursaniyah field that will eventually pump 500,000 barrels a day, the head of state-run oil company Saudi Aramco said.
The new field on the east coast ``has already started,'' Saudi Aramco Chief Executive Officer Abdallah Jum'ah said in Rome today, where he is attending the International Energy Forum.
Saudi Arabia is funneling about $90 billion of its oil wealth back into oil production and refining activities in the next five years in an effort to retain its status as the world's largest oil exporter.
bloomberg _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Sun Apr 20, 2008 3:34 pm Post subject: Re: Saudi Aramco Says New Oil Field, Khursaniyah, Starts Pro
Long promised to start in 2007, its start date was pushed back until December 2007. In December 2007, it was announced that production will begin 'soon'.
It's now expected it will reach the 500,000 bpd level in two more months, but I wouldn't bet on that happening.
Quote:
April 12, 2008
Organisation of Asia Pacific News Agencies
Official speaks on Saudi Aramco?s vision on increasing Resource Base 2 Amsterdam
In the long-term, Nasser highlighted plans to substantially increase the resource base and hydrocarbon recovery factors of existing fields. He told conference delegates about the company's investment in intelligent fields and their implementation, through an integrated process of real-time measurement, optimization and control. Nasser detailed the use of subsurface and surface sensors, which transmit well and field production data in real time to data centers and asset teams. In addition, earth models are continually updated to reassess optimization strategies using integrated simulation environments that combine reservoir, well and surface characteristics. He also shared Saudi Aramco's successes with intelligent Maximum Reservoir Contact.
"In particular," he said, "all of our new fields are intelligent fields. The latest is the Abu Hadriyah-Fadhili-Khursaniyah field development (AFK), which is slated to commence production at 500 million barrels per day in about two months. Wells in this field are equipped with remotely operated chokes, emergency shut-down systems, permanent downhole monitoring systems, compact multiphase flow meters and where applicable in some wells, variable speeds drive pumps and smart well completions." --
Joined: Mar 04, 2005 Posts: 2730 Location: New Zealand
Posted: Fri Sep 05, 2008 7:23 pm Post subject: Re: Saudi Aramco Says New Oil Field, Khursaniyah, Starts Pro
Saudi Aramco begins Khursaniyah field production
Quote:
Saudi Arabia's state-owned Saudi Aramco, which earlier had to delay a planned start-up, has begun production from its Khursaniyah oil field, according to company officials. Production volumes could eventually ramp up to as much as 500,000 b/d.
"The facility is operational and producing crude," a Saudi Aramco official told Saudi Arabia's Arab News. "Its production rates are dependent on our company's monthly production targets for each facility," the source said.
Khursaniyah production, scheduled to begin in December 2007, was delayed due to global material shortages suffered in the construction of its associated gas processing plant.
The new production, which will be welcomed by markets, is part of the Saudi government's larger initiative to boost the country's oil and gas output.
Saudi Arabia, reported to be investing some $90 billion of its oil revenue to further develop production capacity, hopes to increase oil production capacity to 12.5 million b/d and double its refining capacity to 6 million b/d by 2009.
According to analyst Global Insight, "The final confirmation that Khursaniyah now is on stream, together with the general easing in what was until recently a very tight oil market, is now likely to further soothe fears of temporary shortages."
pennenergy _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Joined: Mar 26, 2008 Posts: 1360 Location: Seattle
Posted: Fri Sep 05, 2008 7:30 pm Post subject: Re: Saudi Aramco Says New Oil Field, Khursaniyah, Starts Pro
Graeme, you need to get into the habit of looking to see if something's already been posted before you post it:
http://www.peakoil.com/fortopic44408.html _________________ Abundance - what a concept!
Last edited by OilFinder2 on Fri Sep 05, 2008 7:31 pm; edited 1 time in total
Joined: Mar 04, 2005 Posts: 2730 Location: New Zealand
Posted: Fri Sep 05, 2008 7:30 pm Post subject: Re: Saudi Aramco Says New Oil Field, Khursaniyah, Starts Pro
Mods, Can these two threads on Khursaniyah be merged? _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
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