Just noted today…
Burgan Oil Field now past Peak
The second largest oil field in the world has been verified past peak. The Burgan oil field accounts for more than half of Kuwait's 96.5 billion barrel reserve. At a maximum output of 1.7 million barrels per day, the field has fallen short of the 2 million barrels per day estimate that was supposed to be good for another 30 to 40 years. Farouk al-Zanki, chairman of Kuwait Oil Co., has said production capability is now "much lower than what it used to be." Kuwait is budgeting $9 billion to shore up production over the next three years, but the downside is already here for the Burgan Oil Field. So much for estimates…
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