Posted on 06/27/2005 10:58:31 AM PDT by areafiftyone
At the current rate of production, Iran's oil reserves will outlive those of Saudi Arabia, even though the kingdom's official reserves are nearly twice those of Tehran's, according to the London-based Economist magazine.
Using BP's latest Statistical Review of World Energy, the weekly calculated that Iran's proven oil reserves of 132.5 billion barrels at the end of 2004 will not be exhausted for another 89 years using last year's rate of production.
In comparison, Saudi Arabia's 262.7 bn barrels, which represent 22 per cent of the world's official oil reserves, would last for only 68 years.
The reserves of Iraq, Kuwait and the UAE, which are respectively placed third, fourth and fifth behind Saudi Arabia and Iran, were estimated to be able to continue 2004's rate for production for over 100 years each.
Among Iran's other neighbouring states, none were calculated as being able to produce oil longer, with Kazakhstan's reserves expected to be exhausted in 84 years, Azerbaijan's in 60, Qatar in 42 and Oman in 19.
Based on BP's figures, the US will be only able to produce oil for another 11 years, Canada for 15, Russia for 21 and Norway for 8 years.
They'll outlive Saudi Arabias primarily because they aren't using them as fast.
One scary thought is that when all of the other oil reserves are exhausted, the last guy to have oil will control the whole world. At this rate, it may be Iran.
They didn't mention anything about South America though. South America produces oil.
Irans oil fields will soon be sealed under a thin glass cap.
it will outlast Saudi Arabias because it will be radioactive
and the ground above it is impenetrable fused glass...
Way back in September 2001 this was discussed on FR.
Experienced drillers assured us that drilling though the estimated 12" of glass would not be a problem.
WHEN ARE THEY GOING TO COME TO TERMS WITH THE FACT THAT OIL WILL NEVER RUN OUT!!!!
LOL! I say produce corn liquor on American farms for running in cars and a finer grade for sippin'.
:o)
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