Wow!: Is Bakken Set to Rival Ghawar?---John Kemp
From Reuters:
Could oil production from the
Bakken formation in North Dakota and Montana rival output from
Saudi Arabia's supergiant Ghawar oilfield, the greatest
oil-bearing structure the world has ever known?
Until recently, comparisons between the shale fields of the
Bakken and Ghawar, which produces 5 million barrels per day,
would have been dismissed as fanciful.
But Bakken's exponential growth and enormous reserves put it
on course to produce more than 1 million barrels per day by the
middle of next year, which will earn it a place in the small
pantheon of truly elite oil fields.
Ghawar accounts for nearly half of Saudi Arabia's total
declared capacity of 12.5 million barrels per day and has
produced more than 65 billion barrels of oil since 1951.
Ghawar
is one of only six super-giant oil fields that have produced more than 1
million barrels per day at their peak. Others are Burgan (Kuwait),
Cantarell (Mexico), Daqing (China) and in the 1970s and 1980s Samotlor (Russia) and Kirkuk (Iraq)....MORE
Back in 2009 it was "
Mexico hedges against falling oil prices":
Yeah, yeah I know. Cantarell is dying. So is Ghawar.
So what's up with this little bar bet via the Financial Times?...
Cantarell, The Second Largest Oil Field in the World Is Dying
Ghawar Is Dying