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  • bagholder_village bagholder_village Apr 7, 2010 4:15 PM Flag

    Age of largest oil fields

    Field (Country) Date of Discovery 1971 Production
    (MB/D)
    Ghawar (Saudi Arabia) 1948 2,058
    Kirkuk (Iraq) 1927 1,096
    Lagunilla (Venezuela) 1926 940
    Burgan (Kuwait) 1938 900
    Abqaiq (Saudi Arabia) 1946 893
    Gach Saran (Iran) 1928 882
    Marun (Iran) 1964 893
    Agha Jari (Iran) 1938 859
    Safaniya (Saudi Arabia) 1951 792
    Bachaquero (Venezuela) 1930 740
    Total 10,053

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    • Looks like the last major field in your list was discovered in 1952? its not that the industry stopped looking either. Quite likely that all the major oil fields and "cheap oil" have already been found.

    • I am not at all sure the geologists know what the reserve life and production profile of these fields will be going forward. My guess is that there are huge uncertainties in the production rate and resevere life. At leat with the oil sands its more straight forward on the size of the reserve as determined by drilling.

    • Very interesting data, thanks for that post. The fact that these aging elephantine fields could go into sharp decline is lost on much of the market. Its almost as if they think these fields will go on producing at today capacity for infinite time, hence the peak oil denial. I am more convinced now than ever that peak oil is very near and we could be pushed into peak oil almost over night if one of these huge fields starts to fail, because that could not be replaced very easily if at all. Price of oil might be ahead of itsself short term but its a buy on weakness. Long term we will see record prices for oil again, and again. Short term oil could pull back and give a great buy opportunity. any thoughts?

 
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