Saudi Aramco to Re-Open Oldest Field to Tap Heavy Oil, EIU

[phantom power]

Saudi Arabian Oil Co. plans to re- open the Gulf kingdom’s oldest oil field and produce there for the first time in 30 years as the company boosts output of heavy crude, the Economist Intelligence Unit said.

The state-owned producer, known as Saudi Aramco, may revive a plan from 2008 to restore production at the mothballed Dammam field, the EIU said in a report. Dammam contains some 500 million barrels of oil and may yield as much as 100,000 barrels a day of Arabian Heavy crude, according to the report.

http://www.bloomberg.com/news/2012-02-16/saudi-aramco-to-re-open-oldest-field-to-tap-heavy-oil-eiu-says.html

[LiberalLoner]

1. And we all know what this means. As goes Ghawar, so goes the world....

[GliderGuider]

2. They just basically admitted that Ghawar is toast.

Here we go.

[IDemo]

3. Weren't they predicting 120MB per day at some point in the future?

They're going to have to do much better than this.

[FBaggins]

4. No... that would exceed total world production capacity significantly.

I think the target was to increase their current claimed 12 million bpd to 15 million. They have since backed down from the goal on a claimed belief that supplies are no longer expected to be constrained in the coming decade.

[IDemo]

5. You're right..too early for me

I must have been thinking of the projections made by Daniel Yergin and others of expected future global consumption.

"My father rode a camel, I drive a Rolls-Royce, my son flies a jet airplane, and his son will ride a camel".

[NickB79]

6. In related news, a junkie dug through his couch today looking for that last crack rock. nt