Ghawar field reserves decline overstated, survey says

12/17/2007
Concerns about global oil peaking due to declining reserves at Saudi Aramco’s Ghawar oil field may be overstated, according to Bernstein Research commenting on the results of a recent satellite survey.In a note to investors, Bernstein Research said satellite images show that a recent rise in Aramco drilling activity has focused on two major expansion developments and not, as earlier assumed, on keeping older parts of the field producing with enhanced recovery techniques.“The majority of the increased activity in the Ghawar field can be explained by the Haradh-III, and the Hawiyah natural gas liquids recovery megaprojects, which were not designed as a quick fix to Ghawar’...
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