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Leanan
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Joined: May 20, 2004
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 Posted: Mon Oct 22, 2007 10:23 am Post subject: Aramco: Energy industry can do little as oil rises |
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It's an interview Khalid al-Falih, executive vice president of Aramco operations. Among other things, he says:
| Quote: | | The next large project, the 900,000 bpd Moneefa field due online in 2011, would not boost Aramco's capacity but instead would compensate for declines from other fields, he added. |
I guess that means we shouldn't be expecting any increases out of Saudi Arabia any time soon...
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dukey
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Joined: Feb 20, 2005
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| Posted: Mon Oct 22, 2007 10:32 am Post subject: Re: Aramco: Energy industry can do little as oil rises |
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| in 2005 they admitted they had lost control of prices |
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Eli
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| Posted: Mon Oct 22, 2007 10:43 am Post subject: Re: Aramco: Energy industry can do little as oil rises |
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| You know that is still probably double talk, does he mean it will completely replace declines or only partially replace them. |
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Bas
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| Posted: Mon Oct 22, 2007 10:47 am Post subject: Re: Aramco: Energy industry can do little as oil rises |
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| Eli wrote: | | You know that is still probably double talk, does he mean it will completely replace declines or only partially replace them. |
he probably doesn't know that exactly himself; the decline of existing projects can be steeper than he expects or less so.
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Twilight
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| Posted: Mon Oct 22, 2007 11:50 am Post subject: Re: Aramco: Energy industry can do little as oil rises |
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| Thanks, that's a useful snippet. |
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rockdoc123
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| Posted: Mon Oct 22, 2007 1:05 pm Post subject: Re: Aramco: Energy industry can do little as oil rises |
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| Quote: | | I guess that means we shouldn't be expecting any increases out of Saudi Arabia any time soon... |
No. Manifa was the last of the projects which was in the planning stage. It was never considered as part of the expansion of Saudis production capacity (this was all outlined on the Saudi Production thread by the way). The argument the Saudis have made is that Harad III, the AFK fields, Shaybah, Nayimm and Khurais will get Saudi to a spare capacity of 12 MMB/d by 2011. After Khurais is brought on stream the addtiional projects at Manifa and Safaniyah just offset on going declines.
Remember there is a distinct difference between spare capacity and actual production. The Saudis are claiming their spare capacity is above 10 MMB/d even though their production is is quite a bit lower. As I've said before until such time as there is a desparate call on more Saudi crude (which there isn't right now) you will not be able to actually tell what their real spare capacity is. |
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Twilight
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| Posted: Mon Oct 22, 2007 2:50 pm Post subject: Re: Aramco: Energy industry can do little as oil rises |
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| What constitutes a desperate call? The US is in the market for some oil that doesn't cause refineries to choke. |
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