Kuwait oil reserves only half official estimate

[Clara T]

Kuwait oil reserves only half official estimate-PIW

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.

(KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait's remaining proven and non-proven oil reserves are about 48 billion barrels.

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.

http://today.reuters.com/business/newsarticle.aspx?type=tnBusinessNews&storyID=nL20548125&imageid=&cap=

[TroubleMan]

1. The same is probably true with the Saudi oil fields, also.

However, they'll never admit it.

[Deja Q]

4. Natually. They wanted us to become a nation of addicts...

then pull the plug and watch us whither and die.

Why not? We are, after all, their secular enemy...

[TroubleMan]

6. Actually, IMHO the Saudi royals like the status quo

They wanna keep the American economy decent, because we're the biggest oil consuming nation. It keeps them rich, fat, and happy.

They have reason to exaggerate their oil stock to keep the price down. If the price shoots up too much, people might actually try to get off the oil addiction. They don't want the price too low, and they don't want the price too high. They want us buying, and buying a lot. That's what OPEC is all about.

[barb162]

16. Oil people have basically indicated that reserves are not what

the countries say they are. Remember when Shell reduced its reserves? If all the countries really told the world what the proven reserves were I think it would cause a world panic and war. People would finally wake the fuck up. The last time the Saudis found a major field was about 20 years ago.

[daleo]

2. Kuwait has lots of oil

They can slant-drill into Iraq if they run low. Chimpy won't mind.

[Deja Q]

3. Like ben stein says, we should be grateful for the oil companies

getting oil and gas to us.

Piece of elephant dung he is...

How about responsible corporations and governments preventing the mess-of-no-escape we're soon going to be in.

Still, one can't retroactively change anything. Should humanity survive the upcoming chaos, maybe it will finally learn. OTOH, history repeats itself - no point in saying "those who don't remember history are doomed to repeat it". It's always been the same.)

[Viva_La_Revolution]

13. ok... I just had to....

Wanna dance?

[Fridays Child]

5. We'd better invade them and get what's left, then, hadn't we?

:nuke:

[HuffleClaw]

7. oh lovely.

i wonder who ELSE is lying.

[lovuian]

8. What this means is another reason why gas is going up

they aren't going to up production...

[barb162]

18. production right now is a little less than demand from what I

read today

[Strelnikov_]

9. This Is Known As 'Political Oil'

Back in the 80's the OPEC major's all doubled their reserves on paper since quotas were tied to reserves.

[dysfunctional press]

10. are they counting the stuff they slant-drill into Iraq for?

that saddaam got his undies in a bunch over until george I gave him the go-ahead to invade...?

[IndianaGreen]

11. Iraq accused Kuwait of slant drilling into her oil fields

Saddam made the accusation just prior to his invasion of Kuwait. The new Iraqi government made the same accusation a month ago! I can only interpret this to mean that Kuwait is pretty tapped out of oil if it has to steal it from Iraq.

[Zynx]

12. Does not surprise me at all. They're as bad as the Saudis.

[Porcupine]

14. I wonder, can Kuwaitis survive on a diet of sand?

because not much grows there and when the oil is gone the rest of us are not going to be inclined to feed them.

[barb162]

17. They can survive on the billions they have from the oil wealth

for a really long time

[raysr]

15. Is that counting all

the oil the BFEE is hiding there?

[publius_jr]

19. relevant link

http://www.lifeaftertheoilcrash.net/

[McKenzie]

20. Worse still, the Saudi Ghawar field might have peaked

Matthew Simmons discusses the issue of total world oil supply in his book, "Twilight in the Desert". The book is based upon very detailed technical analyses and it is written from a non-political standpoint.

Simmons believes the world's biggest oil field, namely the Saudi Ghawar field, has reached peak production. If that is correct then the entire world oil supply is almost certainly at its peak.

The news about the Kuwaiti reserves is very alarming if Simmons is correct. I'm going to watch this story to see the reaction of those in the know.

Thanks for posting a good link.

[no_hypocrisy]

21. Sort like Donald Trump claiming to be richer than he really is.

Creative accounting and a good PR firm.