Has Ghawar Truly Peaked?-(Worlds Largest Oil Field)

Published on 1 Apr 2005 by Bank of Montreal via PeakOil.com. Archived on 2 Apr 2005.

Has Ghawar truly peaked?

by Donald Coxe

Basic Points an investment monthly put out by the Bank of Montreal's investment bank arm, Harris Nesbitt, argues the following:
Because the combination of the news that there's no new Saudi Light coming on stream for the next seven years plus the 27% projected decline from existing fields means Hubbert's Peak has arrived in Saudi Arabia. The Kingdom's decline rate will be among the world's fastest as this decade wanes. Most importantly, Hubbert's Peak must have arrived for Ghawar, the world's biggest oilfield, and Wall Street's most-cited reason for assuring us month after month that oil prices would plunge because there were so many billions of barrels of readily-available crude overhanging the market.

To read full report on pdf file go to:
http://www.energybulletin.net/5065.html

that the Saudis are pumping huge quantities of salt water into the field to maintain pressures needed for current levels of production. Speculation is that this could lead to the internal collapse of the field. Such an event would trigger huge increases in the price of oil.

I put this article at the top of my web site yesterday: Earthside.com.

The intriguing part is that the increased production from Ghawar is in the first place, phony; and in the second place, what is now coming out is thick high sulfer petroleum. If that isn't a sign that Ghawar has peaked, I don't know what is.

The significance of this has so far been lost on people. This is the biggest, most important oil field in the world. If it has peaked and is depleting, we are in a world of hurt.

on your site. Keep spreading the word.