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January 21, 2006

Kuwait's Oil Reserve Figures Cut In Half Peak Oil

Two months ago, it was reported that Kuwait's Burgan oil field, the world's 2nd largest, has peaked and gone into decline. Now it is being reported that Kuwait's remaining reserves are at most half what they have been claiming publicly. 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. [...]

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. [Emphasis added]

OPEC countries have every incentive to exaggerate their reserves because their share of the OPEC quota is proportional to stated reserves. So Kuwait is almost certainly not the only country that's been lying about how much oil it has left.

Posted by Jonathan at January 21, 2006 05:56 PM  del.icio.us digg NewsVine Reddit YahooMyWeb

Comments

people need to start thinking about how they are going to stand up to thier governments when they have not the weapons needed to possibly put up a fight against modern military might and the guns available to the people are just going to give us a false sence of hope. this will have to be planned in the militaries upper echelon if the people of the world hope to have any form of freedom in the years to come. The established governments of the world (USA is foremost in this catagory considering their level of power over the global economy and technology) will do everything in their power to keep their power. this includes:
Massive jailing facilities (holding milloins of people with no regard for any kind of rights, forget the geneva convention),

Huge propaganda efforts to try to remain in control of the markets and the people themselves,

Blame displacement and witch hunts (usaully minorities and people not capable of defending them selves are the target of this type of governing, think hitler), and wars on underdeveloped countries.
Last but not least, those with power will flock together loke rats when they see the ship is sinking, they will create a kind of miny goverment and try to carve out small chunks of land (as in no more Arizona, now its chevron and microsofts country "trespassers will be shot").
now, keep in mind the only one of these events that is good for the people, is the last because if will break the structure that the government is built on, it will be a decoy to buy time. it is however, very important to reconize that i never gave a specific goverment officails name, this was intentional. not because i am afraid, but becasue large groups of people can be veiwed as a single whole (every corparation is leagaly veiwed this way by governments and viceversa) so no one person in the corp or gov can be blamed for its actions, its is the concept that is flawed, more people in the govenments does not diminish human imperfection it magnifies it. WE NEED TO GET CREATIVE NOW POEPLE! WE NEED TO EVOLVE! THE OIL SHORT FALLS WILL ULTIMATLY LEAD TOO YOURE DEATH, SLAVERY OR SELFGOVERNIG, I CHOOSE THE LATER!

Posted by: at February 24, 2006 01:52 AM