tag:blogger.com,1999:blog-1583745604751707404.post209502699322793259..comments2022-05-11T08:26:36.993+02:00Comments on reflexions of red: Peak Oil och John Maynard Keynesreflexions of redhttp://www.blogger.com/profile/15897888972236027540noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1583745604751707404.post-24052016681632009432008-11-24T11:11:00.000+01:002008-11-24T11:11:00.000+01:00"Pemex Crude Output Falls 7.9% in October on ..."Pemex Crude Output Falls 7.9% in October on Cantarell (Update1) <BR/><BR/>Pemex extracted 902,000 barrels of oil a day in October from Cantarell, the world’s third-largest field. <BR/>That’s down from a peak of 2.19 million barrels in December 2003 and 1.32 million barrels in October 2007."<BR/><BR/>http://bloomberg.com/apps/news?pid=20601072&sid=aEPpPy6pQNUg&refer=energy<BR/><BR/>Jeffrey J. Brown (westexas) jcompares Mexican Cantarell with the worlds largest oil field Ghawar in Saudi Arabia:<BR/><BR/>"BTW, I have long characterized the key difference between Saudi Aramco and Pemex as follows: <BR/><BR/>The latter is willing to admit that its largest oil field is watering out, while the former is not willing to admit that its largest oil field (North Ghawar) is watering out. <BR/><BR/>As I have previously noted, Peter Wells, who made a presentation at ASPO-USA using IHS data, opined that North Ghawar would be effectively watered out within two years. I have also long characterized the (North) Ghawar and Cantarell declines as "Two warning beacons heralding the onset of Peak Oil."<BR/><BR/>http://www.theoildrum.com/node/4787/435851<BR/><BR/>"As we have discussed, Saudi Arabia is immune from the laws of physics. No matter how much oil they produce, their proved reserves never decline."<BR/><BR/>Then and as seen in latest IEA report Non-OPEC oil production has peaked and thus the world now depends entierly on OPEC production. Simmons put it quite elegantely many years ago - when Ghwar peaks then the world peaks. <BR/><BR/>http://www.theoildrum.com/node/4726/429567<BR/><BR/>In order to meet this demand, oil companies and governments need to spend $360 billion a year, with investment particularly critical in the Middle East. OPEC is expected to account for 51% of the world oil market by 2030, compared to 44% today, with Saudi Arabia predicted to comfortably surpass 15m b/d production, depending on its attitude towards exploration and production investment. <BR/><BR/>http://www.istockanalyst.com/article/viewiStockNews+articleid_2765018.html<BR/><BR/>ace on TOD: <BR/>"There remains the secrecy of Saudi Arabia's real production capacity which may help extend the C&C production plateau. However, I am assuming that Saudi Arabia's C&C production was pushed to its maximum limit on Jul 2008 at 9.7 mbd. Future Saudi Arabia capacity additions from Khursaniyah, Shaybah and Khurais will only offset declines from other fields, rather than increase production capacity. " <BR/><BR/>http://www.theoildrum.com/node/4740/431482Anonymousnoreply@blogger.com