The second largest oil field in the world has reached maximum capacity. The peak output of the Burgan oil field will now be around 1.7 million barrels per day, and not the two million barrels per day forecast for the rest of the fields 30 to 40 years of life. This according to the Kuwait Oil Company Chairman Farouk Al Zanki. He said that engineers had tried to maintain 1.9 million barrels per day but that 1.7 million is the optimum rate.But according to Peter Cooper, Editor-in-Chief, the oils run dry, the oils run dry.
Far from being "run dry" and "exhausted" like the author assumes this does mark the probable half way mark of field usability. The implications for the global economy are indeed serious, but 'threatening the world oil supply', and 'the world oil supply is running dry' is far little too chicken little to reflect reality.
Last week the International Energy Agency's report said output from the Greater Burgan area will be 1.64 million barrels a day in 2020 and 1.53 million barrels per day in 2030. With a life expectancy of 30 to 40 more years it does threaten the future of Kuwaiti government income but hardly the 'major energy crisis' this reported predicts. So by inferring actual facts instead for fear mongering, one can safely say that in 2050 when this fields 1.7 million a day run out then it will be a major problem. What this mean in today's reality is there is no more increasing production. Same steady production for another few decades.
How the author combines the Arab oil embargo because of our support for Israel to this field maxing production out is beyond me but that doesn't stop him from quoting the 2 like facts.
And of course he also gotta take a jab at technology:
"Could it be that we have been blinded by technological advances into thinking that there is some way to beat nature? "
Could it be that your too stupid to realize that everything on earth comes from the planet. Where do you think the copper in your cat5 cable comes from? The calcium in your bones, the phosphorus in your solar panels, the metal in your windmill blades? Yes, nobody can change the geology, the forces of nature that laid everything on this planet over billions of years, but energy is a resource. Wherever a resource is stored at is where we will get it from. If not from oil then on to the next resource. If it is not used then its not a resource. If nobody used oil then no-one would care. We only care because we USE it. The production and control of anything used for energy will make it scarce.
"The natural world has an uncanny ability to hit back at the arrogance of man"
How about the arrogance of an editor whom thinks his b.s. in journalism gives him authority to call oil production forecasts out-of-date and lecture the International Energy Agency on geological reality.
"oil statistics that may owe more to political maneuvering than geological facts"
And him with his knowledge of science coming from being a newspaper editor is not at all political but the 'International Energy Agency', what would they know of oil statistics.
Yea nothing but political.
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