Peak Oil
Kuwait's ride might be coming to a slow end.
From
Middle East News Online comes this story:
Kuwait's Largest Field Disappoints
Kuwait's largest oil field has exhausted its potential.
The Kuwait Oil Co. said production at its Burgan field has peaked at 1.7 million barrels per day. Company chairman Farouk Al Zanki said Burgan, termed the second largest oil field in the world, failed to meet expectations to produce two million barrels of oil per day.
The well has been pumping oil for nearly 60 years and accounts for more than half of Kuwait's proven oil reserves. Burgan had been expected to produce two million barrels per day until 2045.
Officials said Kuwait intends to invest $3 million in 2006 to bolster output from other fields. One area targeted for development was fields in the northern sheikdom near the Iraqi border.
That has to suck. The Kuwaiti's are our friends.
I wonder what the status of the Saudi fields is -- they are not open about that for some strange reason...
Posted by DaveH at November 16, 2005 11:14 PM