Dubai is heaven in the desert.
Posted on 01/24/2006 10:19:33 AM PST by dkj1021
LONDON, Jan 20 (Reuters) - OPEC producer Kuwait's oil reserves are only half those officially stated, according to internal Kuwaiti records seen by industry newsletter Petroleum Intelligence Weekly (PIW).
"PIW learns from sources that Kuwait's actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 percent of the global total, are a good deal lower, according to internal Kuwaiti records," the weekly PIW reported on Friday.
It said that according to data circulated in Kuwait Oil Co
(KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait's remaining proven and non-proven oil reserves are about 48 billion barrels.
Officials from KOC were not immediately available for comment to Reuters.
PIW said the official public Kuwaiti figures do not distinguish between proven, probable and possible reserves.
But it said the data it had seen show that of the current remaining 48 billion barrels of proven and non-proven reserves, only about 24 billion barrels are so far fully proven -- 15 billion in its biggest oilfield Burgan.
Kuwait has been adding up to 500 million barrels a year at Burgan which means the remaining non-proven reserves of some 5.3 billion barrels will likely be upgraded to proven, according to PIW.
Three consortia led by BP (BP.L: Quote, Profile, Research), Chevron (CVX.N: Quote, Profile, Research) and ExxonMobil (XOM.N: Quote, Profile, Research) are in the race for Project Kuwait, a 20-year operating service contract to raise crude capacity at four oilfields in the north of Kuwait.
ALL YOUR OIL ARE BELONG TO US!!!
Great, another excuse for the oil traders to drive up the price again. No matter what happens in the real world, there are no reasons for the price to go down - only more reasons for it to go up.
Looks like someone is trying to prop up the inflated oil prices.
I would love to get off oil dependency, but not at the expense of the economy. The oil traders are going to take full advantage of this. I guess we should all fill up our tanks in the next few days.
OPEC nations are making money hand over fist right now. Countries like Saudi Arabia and Kuwait would have a negative GDP without oil since they produce nothing else, and all those useless arab millionaires in their fancy robes would go back to living in mudhuts. Kuwait has been called the Beverly Hills of the middle-east and for good reason. But these people do absolutely nothing all day long. They don't have to go to school. Sunni arabs believe manual labor is beneath them so all their labor is imported.
Its a massive windfall for these countries and they are going to do whatever they can to keep oil prices skyhigh.
They are living on borrowed time and they know it. When the oil runs out, they'll just be tent dwelling camel jockeys once more...
Thats why Dubai is working like crazy to build up a tourism and international business & banking industry, while the rest of the middle-east countries sit around jerking off with their oil profits.
They allow alchohol to be drunk at the hotels and restaurants.
They know their ass is grass once the oil starts running out.
2010 will be the peak year of Saudi oil production. They are not far from their peak now.
What do you think will happen to America after the oil runs out? We'll be in tents too. Can you live your daily life, or even go to work, without fossile fules? How is the food going to get to the store?
Pump prices increase 50 cents tomorrow.
America will have developed other energy sources by that time. Oil sands, our oil, nucleur, hydrogen, and on and on. You're not a very forward thinker now, are you?
I am just a spectator watching one expert after another click over into the peak oil camp. The question is when the peak should be expected. There are some who don't really get it who think the peak is upon us already, but it is not. There are still a couple of ecstatic years to go before we have to sober up. Excepting the business in Iran: that could really mess things up in a hurry.
An inauspicious first post.
For those of you in Rio Linda, that means you're off to a bad start.
The real, secret, name of Peak Oil is Peak Easy Oil, which isn't concerned with just light versus heavy, but with the whole process from drilling to out of the ground to delivery after refining. Easy Oil would be light oil, but also light oil near shipping. If the light oil is 5000 miles away from anywhere in Siberia, it isn't going to be easy.
Dubai is heaven in the desert.
....and if America continues to live with our heads in the sands and REFUSING to drill where there is oil in our own lands? Where will we be?
Like the advanced strides we have taken thus far in alternative energy sources?
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