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337 comments on DrumBeat: June 22, 2006

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bradshaw on June 22, 2006 - 9:11am Permalink | Subthread | Comments top
Saudi to add 500,000 bpd oil by mid-'07


RIYADH * Saudi Arabia plans to complete by June 2007 its Khursaniyah project to add 500,000 barrels per day (bpd) of Arabian Light crude, six months earlier than previously announced, state oil firm Aramco said yesterday.


"The processing of the crude from these fields will yield 300 million cubic feet per day of associated sour gas and 15,000 bpd of hydrocarbon condensate, which will be sent over to the neighboring Khursaniyah gas plant," Aramco said.

It said a 1.1 million bpd water injection facility would be required to support production rates as well as a 300 megawatt power plant.

Chevron Nigeria targets 700 000 barrels/day


Nigeria's prospect of meeting its four million barrels of crude oil a day production target by 2010 has significantly improved as Chevron plans to increase production by 2008.

Iran says oil production increased


LONDON, June 22 (IranMania) - Iran has raised its oil production by 150,000 barrels per day to 4,125 mln bpd, an official was quoted as saying.

"Iran's oil production was 4,125 mlnbarrels on Tuesday (June 20)," the managing director of the state-run National Iranian Oil Company (NIOC), Gholam-Hossein Nozari, told the ISNA agency.

The NIOC official said the increase was due to "repairs at the Soroush and Nowruz oilfields as well as production enhancement in the southern oilfields."

Ok, so they all can't be "Gems"...

Venezuela to set oil fields on fire in event of aggression - ambassador


MOSCOW. June 21 (Interfax) - Venezuela will set fire to its oil deposits in the event of a U.S. military operation, Venezuelan Ambassador to Russia Navarro Alexis Rojas said at a news conference in Moscow on Wednesday.

Happy Thursday...

-C.

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boby on June 22, 2006 - 11:58am Permalink | Subthread | Parent | Comments top
If the Saudis are going to inject 1.1 million
barrels of sea water a day to get 500,000 barrels
of oil, it would stand to reason they were going
to be taking out an amount daily equal to the
amount injected daily plus the oil. 500,000 barrels of oil
for 1.1 million barrels of sea water injected would
be a 31% water cut wouldn't it?
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Nick on June 22, 2006 - 12:00pm Permalink | Subthread | Parent | Comments top
I think that's a 69% water cut. Pretty high.
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boby on June 22, 2006 - 12:25pm Permalink | Subthread | Parent | Comments top
Woops! You are correct, 8th grade math,duh!
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oilmanbob on June 22, 2006 - 12:28pm Permalink | Subthread | Parent | Comments top
Its pretty high, but profitable.In the US some fields make as high as 99% water(East Texas field) but are still profitable. However, the wells may not be making that high a water cut. If they are trying to raise the pressure then water injected in to the bottom of the formation would help raise the pressure.
The amounts that they inject would be plus the formation water that they are already producing so the 69% water cut may be quite a bit higher.
   On the injection wells you have two main constraints, how much water the formation will take and how much water can be injected without formation damage.
  One other thing-sulphur gas,or sour gas is not produced with light, sweet crude. So I question just how sweet this oil is that they are planning to waterflood.
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plucky underdog on June 22, 2006 - 8:27pm Permalink | Subthread | Parent | Comments top
No reason to assume WI will be operating at full capacity, or even at all, from Day 1. May not even be fully planted yet, just foundations and blank flanges for pumps and drivers. It's often easier and cheaper to do most of the civils, major pipework, craneage etc. up front rather than working around a running plant when you want to expand it.

Click the link below for my earlier explanation of why 100% reservoir voidage replacement (means: putting back what you take out) requires that you ALWAYS inject more water than you produce oil, even if you aren't producing any water or free gas (briefly: 1 barrel of oil on the surface previously occupied 1.2 to 2 barrels in the reservoir). In this case we're looking at an implicit GOR of 600 so I wouldn't expect a formation volume factor above 1.3 or so, implying a water injection rate of 650 Mb/d. Of course that 300 MMscf/d may not bear very much relation at all to what's in the wellstream.

http://www.theoildrum.com/story/2006/2/8/233314/5260 and scroll down about 20% or search for the phrase "formation volume factor".

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westexas on June 22, 2006 - 1:52pm Permalink | Subthread | Parent | Comments top
Re:  The Kuwaiti story that Leanan posted (above)

Excerpt:  "A group of lawmakers in the dissolved parliament has submitted a bill seeking to limit Kuwait's annual production to one percent of proven reserves."

I wonder if we might see this as a growing trend in oil exporting countries, as it becomes more apparent that we are post-peak worldwide.  

Note that the reduced (PIW) reserve estimate cited in the article is consistent with Stuart's HL plot.  

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tate423 on June 22, 2006 - 2:04pm Permalink | Subthread | Parent | Comments top
Why isn't the WORLD pissed?  I get WHY it was done back in the 80's.  I get the history part, but why didn't they go back then and revise the numbers.  Instead as we're close they revise them, but why isn't everyone screaming foul?  I mean if ONE middle eastern country, and an OPEC member, fudged THEIR numbers based on the quota system the other countries did the same thing started by SA.  WTF?  
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Will on June 22, 2006 - 2:35pm Permalink | Subthread | Parent | Comments top
Tate423...

The Kuwaitis fudged their nums. BFD.

Every corp. in the U.S. does the same damn thing. EIA does the same damn thing. Congress approves a bogus budget every year. Same damn thing. Inflation numbers exclude energy and food. Same damn thing.

Why get excited?

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tate423 on June 22, 2006 - 2:50pm Permalink | Subthread | Parent | Comments top
All of that is the problem...but I see what you mean.  It's my youth getting the better of me.
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TrueKaiser on June 22, 2006 - 9:18pm Permalink | Subthread | Parent | Comments top
but all the fudgeing of the numbers is going to turn around and bite us in our collective rear ends.
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Will on June 22, 2006 - 9:33pm Permalink | Subthread | Parent | Comments top
It was explained to me as "managing the news".
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