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During my 2 year stay in Kuwait, I attended a couple of seminar symposiums on Kuwait long term plans and another on CCS ( Carbon capture and sequestration)

What becomes abundantly clear is that for the the Kuwait oil ministry, it is far cheaper to cap an old well, and drill a new hole in another field than to embark on secondary or tertiary recovery.

The result is that existing fields are capped with 50% of the oil still in the ground, and this oil is effectively lost for ever.

The economics are something like $6 a barrel for a new well, vs $45 per barrel for tertiary recovery.

As they estimate having 150 years of reserves, they don't really care.

by senilebiker on Thu Aug 6th, 2009 at 03:30:28 AM EST
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I don't think any country runs recovery rates over 50 %... By the way, what happened to that Kuwaiti parliament review about their reserves bing overstated by 100 %, being 50 billion barrels instead of 100?

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Aug 6th, 2009 at 09:35:13 AM EST
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