Minimal Output From New Asian Oil Fields Expected In 2007 - Maybe 100,000 B/D Of New Production

[hatrack]

SINGAPORE: Asia's oil industry will see only a handful of new fields pump their first crude next year as construction setbacks and rising costs delay major projects, interrupting this year's production revival. After grappling this year with tricky acidic Sudanese Dar Blend, uncertain light, sweet Russian Sokol, and disappointingly weak Australian fields, oil refiners and traders will have fewer new grades to make adjustments for in 2007.

Less than 100,000 barrels per day (bpd) of fresh oil - barely half a per cent of the region's demand and a third less than had anticipated at the start of the year - is seen coming onstream, according to data compiled by Reuters.

Net new output, taking account of fields in decline, looks even more meagre. Upstream consultancy IHS Inc estimates Far East oil and natural gas liquids (NGLs) production will rise by about 30,000 bpd in 2007 because of a shortage of human resources, goods and services, and surging costs. "The Far East faces the unpleasant dilemma of dealing with rising oil demand and largely mature and declining oil fields," says Pete Stark, vice-president of Industry Relations for IHS.

For much anticipated major developments like Malaysia's first deepwater field Kikeh, and India's Mangala, its biggest discovery since 1985, dealers will have to wait until 2008 at least.

EDIT

http://www.btimes.com.my/Current_News/BT/Saturday/Corporate/BT601274.txt/Article/

[Warren Stupidity]

1. Not to worry.

Disappointing yields and high costs, who could have predicted this would happen?

It is widely accepted that oil is a finite resource; there are basic laws which describe the depletion of any finite resource:

Production starts at zero;
Production then rises to a peak which can never be surpassed;
Once the peak has been passed, production declines until the resource is depleted.


These simple rules were first described in the 1950s by Dr. M. King Hubbert, and apply to any relevant system, including the depletion of the world’s petroleum resources.

http://www.hubbertpeak.com/summary.htm

[hatrack]

2. No one could have forseen falling oil production rates following falling discovery rates!

:eyes:

[4dsc]

3. Not if you wish upon a star

and click your heals together and state there's no such thing as peak oil, there's no such thing as peak oil.. And soon Toto, we'll be back in Kansas..

[brokensymmetry]

4. Nothing to worry about here!

Why, all we need do is drill the Alaskan wildlife refuge! That will supply
the world for...err...5 months...

And then there's corn ethanol! That...oh, that's right...negative EROEI.

But what about algae? Yeah, pond scum is sure to keep us motoring along! :sarcasm:

We are so screwed. And the sad part is, we don't even realize it.