Kuwait’s biggest field starts to run out of oil
It was an incredible revelation last week that the second largest oil field in the world is exhausted and past its peak output. Yet that is what the Kuwait Oil Company revealed about its Burgan field.
The peak output of the Burgan oil field will now be around 1.7 million barrels per day, and not the two million barrels per day forecast for the rest of the field’s 30 to 40 years of life, Chairman Farouk Al Zanki told Bloomberg.
He said that engineers had tried to maintain 1.9 million barrels per day but that 1.7 million is the optimum rate. Kuwait will now spend some $3 million a year for the next year to boost output and exports from other fields.
However, it is surely a landmark moment when the world’s second largest oil field begins to run dry. For Burgan has been pumping oil for almost 60 years and accounts for more than half of Kuwait’s proven oil reserves. This is also not what forecasters are currently assuming. AME info
It is difficult to imagine what impact declining oil reserves will have on Kuwait. The oil is not drying up anytime soon, but it is also quite obvious that oil will not last forever. Just as the entire world needs to consider what alternatives there are to fossil fuels like oil, so to must Kuwait consider life-after-oil. One day it will happen, and I hope that everyone in Kuwait is as well-prepared as possible for that day when it does arrive.