update to this graph..the Law of Receding Horizons at work. Ace wrote this 12 days ago.
Key producer Saudi Arabia has no more capacity additions until Manifa's 0.9 mbd scheduled to start in 2013, at the earliest. Capacity additions from Brazil, Russia and USA decline from 2009 to 2010. World capacity additions drop further in 2011 and decrease again in 2012. Consequently, an oil supply crunch is likely to occur in 2012 ..."
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Saudi Aramco to Complete Manifa Oil Field in 2015 (Bloomberg)
5 December 2009 DUBAI - Saudi Arabia expects to complete its Manifa heavy oil field in 2015, four years later than originally planned, according to a statement on the Web site of state-run oil company Saudi Aramco.
The project, which involves building a man-made causeway to 27 shallow-water drilling islands, will eventually produce 900,000 barrels a day of heavy crude oil, 900 million cubic feet a day of associated gas and 65,000 barrels a day of condensate, a high-value light oil.
Saudi Arabia originally planned to complete the project by mid-2011. In May, Oil Minister Ali Al Naimi said production would only start from Manifa if the market needed more oil.
Manifa is one of several oil field projects that the kingdom is undertaking to boost output capacity and maintain production.
khaleejtimes.com
Somehow, nobody ever sez "We're coming in ahead of schedule".
I'm not sure of the reason for this delay. Possibly cuz they haven't built a refinery for this oil. It's very heavy, very sour, and full of vanadium, and there is nobody in the world who can currently refine it. |
