Thursday June 08, 2006 
Thursday June 08, 2006
peakoil.com -> aspo-ireland.org (pdf), peakoil.ie :
Notable points :
710 - Venezuela has discovered that its Regular Oil production has peaked and that the Heavy Oil of which it has huge resources is slow, costly and difficult to produce. It has forced the country to buy oil from Russia to meet its short term commitments.
711 - Saudi Aramco admits that the natural decline of its old fields is now running at 8% a year. Infill drilling can of course help offset the decline but it is a losing battle. Overall it begins to sound as if Saudi Arabia has passed its Peak.
714 - Business Week of May 15th carries an interesting article explaining both that, although the major international companies are making record profits from high prices, their actual production is close to peak and their reserve replacement is slipping to negative.
See also :
1. Exxon, and the Implications of 8%
2. Are Big Oil's tanks running dry?
3. Oil Majors Hitting Peak Production Within 48 Months
(2006-06-08 13:07:10 SGT)
[Energy]
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