PowerSwitch Main Page
PowerSwitch
The UK's Peak Oil Discussion Forum & Community
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Saudi still has loads of oil

 
Post new topic   Reply to topic    PowerSwitch Forum Index -> News
View previous topic :: View next topic  
Author Message
Vortex2



Joined: 13 Jan 2019
Posts: 202

PostPosted: Sun Jan 13, 2019 1:57 pm    Post subject: Saudi still has loads of oil Reply with quote

This may have already been posted ... but here goes ..

The kingdom revealed this week it has enough crude to pump at current rates for at least another 70 years. At the end of 2017, Saudi oil reserves stood at an eye-watering 268bn barrels, up from previous estimates of 266bn.

https://www.telegraph.co.uk/business/2019/01/12/saudi-arabia-has-oil-may-ever-need/
Back to top
View user's profile Send private message
vtsnowedin



Joined: 07 Jan 2011
Posts: 5269
Location: New England ,Chelsea Vermont

PostPosted: Sun Jan 13, 2019 2:22 pm    Post subject: Re: Saudi still has loads of oil Reply with quote

Vortex2 wrote:
This may have already been posted ... but here goes ..

The kingdom revealed this week it has enough crude to pump at current rates for at least another 70 years. At the end of 2017, Saudi oil reserves stood at an eye-watering 268bn barrels, up from previous estimates of 266bn.

https://www.telegraph.co.uk/business/2019/01/12/saudi-arabia-has-oil-may-ever-need/

I'll take that one with about a pound of salt.
Back to top
View user's profile Send private message
adam2
Site Admin


Joined: 02 Jul 2007
Posts: 7232
Location: North Somerset

PostPosted: Sun Jan 13, 2019 2:50 pm    Post subject: Reply with quote

I agree, no one reliably knows how much oil remains, in any country, nor in total.
But is widely accepted that we are at or nearly at the peak of oil production, which would correspond to about half of the once existing oil having been already extracted.

It would be a very silly engineer or geologist who told the King of Saudi Arabia that production had peaked.
Continued employment, and possibly continued life, would be reliant on stating that all is well.
_________________
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
Back to top
View user's profile Send private message
Potemkin Villager



Joined: 14 Mar 2006
Posts: 1129
Location: Narnia

PostPosted: Sun Jan 13, 2019 3:25 pm    Post subject: Reply with quote

Since it was deemed that OPEC quotas were calculated on the basis of declared reserves these have only been subject to arbitrary upward revision.In terms of reality they mean nothing.
Back to top
View user's profile Send private message
mikepepler
Site Admin


Joined: 24 Nov 2005
Posts: 2924
Location: Rye, UK

PostPosted: Sun Jan 13, 2019 5:58 pm    Post subject: Reply with quote

I've not read about Ghawar in a while, but last time I did the talk was about the steadily increasing % of water that was coming up with the oil, making it harder to process.
_________________
Mike

"Deal with reality or reality will deal with you"
Dr Colin Campbell

http://peplers.blogspot.com
http://peakoilupdate.blogspot.com
Back to top
View user's profile Send private message Visit poster's website
kenneal - lagger
Site Admin


Joined: 20 Sep 2006
Posts: 11269
Location: Newbury, Berkshire

PostPosted: Sun Jan 13, 2019 6:37 pm    Post subject: Reply with quote

I read years ago that Ghawar only produced because they were pumping thousands of barrels of sea water down the wells to push up the oil and that the water content produced was becoming a problem. As others have said above, "We will just have to wait and see!"

Mind you novel extraction methods are making the extraction of the currently low percentage of oil available for extraction in a reservoir much greater so we don't really know how much extractable oil there is. We do know how much that we can afford to extract though and that is a lot less than is now available.
_________________
Action is the antidote to despair - Joan Baez
Back to top
View user's profile Send private message Send e-mail Visit poster's website
emordnilap



Joined: 05 Sep 2007
Posts: 14529
Location: Houǝsʇlʎ' ᴉʇ,s ɹǝɐllʎ uoʇ ʍoɹʇɥ ʇɥǝ ǝɟɟoɹʇ' pou,ʇ ǝʌǝu qoʇɥǝɹ˙

PostPosted: Sun Jan 13, 2019 7:24 pm    Post subject: Reply with quote

It would not surprise me if there came a sudden (months) absolute drop in oil output some time soon. Unlikely, yes - but if it did, then ‘duh’.
_________________
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    PowerSwitch Forum Index -> News All times are GMT + 1 Hour
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group