Saudi Arabia's Reserve "Depletion Rates"


	Saudi Arabia's Reserve "Depletion Rates"

JICWyllie

4-24-2007 9:06 AM

496 views

tags:

energy, i-peak oil, i-depletion

JICWyllie says:

We are pumping oil flat out, as if there is no tomorrow.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ce571688-151a-40f0-af62-62e0b3fa0a1e/51B66D9F-67AD-4B62-8C11-3129E00290B0/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.theoildrum.com/node/2476" href="http://www.theoildrum.com/node/2476" style="font-size: 11px;">www.theoildrum.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theoildrum.com/node/2476"><P>Aramco’s proved
reserves are equal to the annual
production divided
by Aramco’s definition of annual depletion rate. Thus, total
reserves
are equal to 175Gb (3.5 Gb/2%), which is about half of their stated
number of an extremely optimistic 359 Gb. </p> <P>Finally, assuming that
total reserves are 175 Gb and that
these
reserves are produced at a conventional depletion rate of
below
5.5%/year, the oil production rate of Saudi Arabia is forecast
to Dec
2020.  This forecast shows that production follows an
exponential
decline curve down to 4.5 million barrels/day in Dec 2020 and that it
is highly likely that the world's crude oil and lease condensate
production has passed a peak of 74.2 million barrels/day on
May 2005.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/51B66D9F-67AD-4B62-8C11-3129E00290B0/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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