Skip to main content

View Diary: The 4 biggest oil fields in the world are in decline (197 comments)

Comment Preferences

    •  Not Ghawar replacements (4.00)
      Norway-Russian border: 1.3 billion barrels
      Brazil : 0.7 billion barrels

      Ghawar: 60 billion barrels

      You'd need  60 finds like that to replace Ghawar. It's a lot of oil, true, but it's not enough to keep up with the world's enormous thirst for crude.

      •  What were early estimates of Ghawer? (none)
        when it was first discovered?  How reliable are any early stage reserve estimates? or late stage estimates, for that matter? I recall reading that recent (caveat: pre-Bushco II) estimates of Gulf State reserves have doubled on average from what they were in the 1970's
        •  They doubled because ... (none)
          As has been discussed in earlier diaries, the doubling of the claimed reserves in the 90s had to do with individual OPEC companies being committed to only pumping X% of their reserves in a given period, so by raising the estimate for the size of their reserves they could pump more in the short term without violating the letter of their OPEC agreements.

          There are few honest business people in this world outside of Scandinavia, and almost none of them are in either the American or the Neareastern oil business.

Subscribe or Donate to support Daily Kos.

  • Recommended (145)
  • Community (63)
  • Environment (42)
  • 2016 (42)
  • Republicans (37)
  • Elections (34)
  • Culture (34)
  • Bernie Sanders (33)
  • Memorial Day (31)
  • Media (26)
  • Climate Change (25)
  • Labor (25)
  • Education (24)
  • Hillary Clinton (24)
  • Trans-Pacific Partnership (23)
  • Barack Obama (23)
  • Spam (23)
  • Civil Rights (23)
  • GOP (22)
  • Science (20)
  • Click here for the mobile view of the site