I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Joined: Sep 16, 2004 Posts: 4836 Location: Southwest WI
Posted: Wed May 28, 2008 7:34 am Post subject: Saudi oil output slips in 2007
This may have been mentioned already?
Quote:
RIYADH (Reuters)-- Saudi Aramco’s oil output for 2007 fell by an average 400,000 barrels per day from 2006, after the world’s largest oil exporter cut output in line with Opec agreements.
Average daily oil production reached 8.5 million barrels per day in 2007, resulting in a total production of 3.11 billion barrels for the whole year versus 3.25 billion barrels in 2006, according to data from the state-oil firm.
Aramco’s total crude oil exports reached about 2.41 billion barrels in 2007, down 5.1 percent from the 2.54 billion barrels it exported in 2006.
The Far East accounted for 52.1 percent of crude oil exports in 2007, the United States 20.5 percent and Europe 5.1 percent. That compared with 51.6 percent for the Far East, 19.2 percent for the United States and 6.6 percent for Europe in 2006.
Aramco’s gas production totaled 2.92 trillion cubic feet in 2007 down from 3 trillion cubic feet in 2006, and natural gas liquids production slipped to 394.6 million barrels from 399 million barrels in 2006.
Thank god this isn't a trend...
Quote:
The kingdom, Opec’s largest producer, is boosting its crude oil production capacity and refining capacity in response to global demand. It aims to increase crude output capacity to 12.5 million bpd by 2009 and to 15 million bpd at a later date.
Sounds like Europe is getting the shaft on Saudi oil?
Posted: Wed May 28, 2008 8:12 am Post subject: Re: Saudi oil output slips in 2007
I love it...They are increasing output capacity. Not atcual output, mind you, but output capacity. _________________ The whole of human history is a refutation by experiment of the concept of "moral world order". - Friedrich Nietzsche
Posted: Wed May 28, 2008 10:41 am Post subject: Re: Saudi oil output slips in 2007
frankthetank wrote:
Thank god this isn't a trend...
Quote:
The kingdom, Opec’s largest producer, is boosting its crude oil production capacity and refining capacity in response to global demand. It aims to increase crude output capacity to 12.5 million bpd by 2009 and to 15 million bpd at a later date.
What?
Aiming and doing are 2 different things.
It's a trend if oil production goes down. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Wed May 28, 2008 1:22 pm Post subject: Re: Saudi oil output slips in 2007
It reminds me of China's present efforts to expand power generating capacity, which then sits unconnected. _________________ Volatility. When life isn't exciting enough.
Joined: Apr 04, 2005 Posts: 473 Location: Seattle, WA
Posted: Wed May 28, 2008 7:55 pm Post subject: Re: Saudi oil output slips in 2007
frankthetank wrote:
This may have been mentioned already?
Quote:
RIYADH (Reuters)-- Saudi Aramco’s oil output for 2007 fell by an average 400,000 barrels per day from 2006, after the world’s largest oil exporter cut output in line with Opec agreements.
Average daily oil production reached 8.5 million barrels per day in 2007, resulting in a total production of 3.11 billion barrels for the whole year versus 3.25 billion barrels in 2006, according to data from the state-oil firm.
Aramco’s total crude oil exports reached about 2.41 billion barrels in 2007, down 5.1 percent from the 2.54 billion barrels it exported in 2006.
The Far East accounted for 52.1 percent of crude oil exports in 2007, the United States 20.5 percent and Europe 5.1 percent. That compared with 51.6 percent for the Far East, 19.2 percent for the United States and 6.6 percent for Europe in 2006.
Aramco’s gas production totaled 2.92 trillion cubic feet in 2007 down from 3 trillion cubic feet in 2006, and natural gas liquids production slipped to 394.6 million barrels from 399 million barrels in 2006.
Thank god this isn't a trend...
Quote:
The kingdom, Opec’s largest producer, is boosting its crude oil production capacity and refining capacity in response to global demand. It aims to increase crude output capacity to 12.5 million bpd by 2009 and to 15 million bpd at a later date.
Sounds like Europe is getting the shaft on Saudi oil?
As I understand, Saudi Aramco already reversed itself on raising production to 15 million bpd. I remember reading a quote (sorry don't have it handy) that said they are now only increasing production to 12.5 million bpd because they wanted to "preserve future" oil for the next generation.
Joined: Aug 14, 2004 Posts: 2068 Location: San Diego, Ca.
Posted: Wed May 28, 2008 10:25 pm Post subject: Re: Saudi oil output slips in 2007
Quote:
I love it...They are increasing output capacity. Not actual output, mind you, but output capacity.
I have 1.23 million BPD oil production capacity under my back yard. However, I think I will just save it for my future offspring.
My oil reserves are a family secret! I won’t open my books! _________________ "Peak oil isn't more than an interesting industry factoid and doesn't have anything to do with the hysterics speculated on ad nauseum around here!" ReserveGrowthRulz
Joined: Apr 05, 2005 Posts: 1643 Location: Springsteen Country (NJ)
Posted: Wed May 28, 2008 11:27 pm Post subject: Re: Saudi oil output slips in 2007
jato wrote:
Quote:
I love it...They are increasing output capacity. Not actual output, mind you, but output capacity.
I have 1.23 million BPD oil production capacity under my back yard. However, I think I will just save it for my future offspring.
My oil reserves are a family secret! I won’t open my books!
Wow, me too jato! (actually, I'm horizontally drilling into my neighbors' yards, but don't tell them!).
I have 3.14159265mp/d production in reserve for the kids, and don't think you're getting a piece of my pi. _________________ Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
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