Sunday, February 13, 2011

Update to "WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices"

As I said about the original post:

This seems like an important little factoid, if true. The story almost has a "fog of war" feel to it.
I don't know what to make of this purported 'press release', it doesn't appear that the fourth estate ever received it.
Instead it showed up on a website that I'm not familiar with and was subsequently reposted at the Oil Drum. I am deeply suspicious of everything connected with these stories, the money involved is so huge.
From Alekletts Energy Mix:

Press Release by Dr. Sadad Al Husseini
I have now got an e-mail from Sadad Al Husseini in which he makes a comment about the Wikileak document. As I have written about the Guardian article I think that I also should publish the information from Sadad Al Husseini. I have great respect for his opinion. I have looked at my blog and I can take the numbers once again. Original oil in place is 716 billion barrels and a recovery factor of 51% gives a total production of 365 Gb. With todays reserve of 260 GB we get that production so far is 105 Gb. A recovery factor of 30% gives a reserve of 109 Gb and a recovery factor of 40% 181 Gb. The question for the future is decline in existing production and compensation with new projects. My big question mark is 14.6 Mb/d production in 2035. /Kjell

Greetings from Dhahran and I hope this e-mail finds you well.
The recently released Wikileak note on comments attributed to me at year end 2007 had so many misrepresentations that I thought I would issue a press release to correct them.
I attach below the text I sent to Thompsonreuters for their release and hope you’ll find it interesting in terms of how discussions can be re-structured to fit specific agendas or media purposes.
Meanwhile best personal wishes and hope this kind of news is the least of our worries.

Press Release by Dr. Sadad Al Husseini
February 11, 2011
Dhahran, Saudi Arabia

The US Consulate note issued by Wikileaks in regards to Saudi Aramco’s oil reserves, based on a casual 2007 conversation with me, includes many patently inaccurate statements that have been further amplified by errors in the press.

I do not and did not question in any manner the reported reserves of Saudi Aramco which are in fact based on the highest levels of sound and well established engineering and economic principles and practices. Since Saudi Aramco’s proven oil reserves are 260 billion barrels, there is no way I could have said they are in error by 300 billion barrels, a number that exceeds the actual reserves estimate itself....MORE