The 2nd largest oilfield in the world has, after 60 years of pumping.. reached its’ **peak production.
[T]he Kuwait [national] Oil Company revealed … The peak output of the Burgan oil field will now be around 1.7 million barrels per day, and not the two million barrels per day forecast for the rest of the field’s 30 to 40 years of life, Chairman Farouk Al Zanki told Bloomberg.
He said that engineers had tried to maintain 1.9 million barrels per day but that 1.7 million is the optimum rate. Kuwait will now spend some $3 million a year for the next year to boost output and exports from other fields.
And yet… the International Energy Agency.. would have you believe something much different.
Last week the International Energy Agency’s report said output from the Greater Burgan area will be 1.64 million barrels a day in 2020
So either we’re 15 years ahead of schedule… or someone is not being completely honest.
Unfortunately for us, oil derricks don’t lie.
How long will it be before Ghawar, in Saudi Arabia, the largest oil field in the world peaks? Given it is about the same age as Burgan, what do you think?
**For those not familiar, “peak” refers to the pumping capacity of an oil field… once the peak is reached, the oil field in question will never again pump out more oil/day than it has before because as an oil field is emptied, it becomes harder and harder to extract the oil from the bottom of the well. Most if not all, of the current oil fields in the US and Canada have peaked, as have those in the North Sea.