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Top 10 oil and gas fields of the future

Posted by Simon Pownall on Aug 15, 2014 2:50:00 PM


    

Following a report by Forbes into the biggest live oil reserves, we take a look at 10 of the biggest oil and gas fields of the future and just how many billions of barrels they are expected to retrieve:

ghawar

1 - Ghawar

  • Location: Saudi Arabia
  • Est. barrels: 30 billion

A stalwart of the oil and gas field, but what one that continues to produce the goods, despite already having 100 billion barrels of oil extracted.

The 160 mile-long reservoir, according to the Saudis, will continue to produce 4.5 million bpd from six main areas and will strengthen the country's economy even further.

2 - West Qurna

  • Location: Iraq
  • Est. barrels: 21 billion

Description: A tough place to extract oil from due to recent political conflicts, but Iraq's West Qurna is well underway to raise output from 300,000 currently, to 2.3 million bpd.

Recently, ExxonMobil and Royal Dutch Shell entered into a JV to extract the first 9 billion barrels. The contract though, calls for the Iraqi government to retain ownership of the field and oil.

3 - Majnoon

  • Location: Iraq
  • Est. barrels: 13 billion

Description: Tucked away in a small area near the Euphrates River, Majnoon surprisingly has the potential to deliver 1.8 million bpd.

The field has only delivered 50,000 due to its uncomfortable location, close to the Iranian border. In 1980s conflict between the two countries, the wells were buried to protect the prized assets.

4 - Rumaila

  • Location: Iraq
  • Est barrels: 17 billion

Description: History was made when BP and China National Petroleum entered into a JV oil contract for Rumaila - the first post-Saddam era.

On the border of Kuwait, the field is already producing 1 million bpd which works out at almost half of Iraq's total output. Both partners plan to spend $15 billion to treble than to 2.85 million bpd.

khuzestan

5 - Khuzestan

  • Location: Iran
  • Est barrels: 100 billion???

Description: Not just a field, Khuzestan is a province bordering with Iraq. Despite producing only 300,000 bpd from the Ahwaz and Yadavaran field, the area has massive potential.

China's Sinopec secured part of the field in a $70 billion deal made in 2004 - proof that there is more that meets the eye to Khuzestan.

6 - Kashagan

  • Location: Kazakhstan
  • Est barrels: 9 billion

Description: Discovered in the Caspian Sea only 15 years ago, Kashagan has recoverable reserves of more than 9 billion bbl.

The 15,000 feet deep reservoir however includes highly corrosive oil and will be very costly to extract. Nevertheless, production is expected to reach 1.5 million bpd by 2020.

7 - Khurais

  • Location: Saudi Arabia
  • Est. barrels: 27 billion

Description: After putting the finishing touches to the $10 billion development of Khurais, Saudi Aramco hope to extract big amount from this untapped Iraqi field.

Due to the complexity of extracting the oil, water injection technique is required which is why the development included a seawater pipeline system under the field.

8 - Tupi

  • Location: Brazil
  • Est. barrels: 8 billion

Description: Discovered off Rio de Janiero in 2006, the Tupi field is located under 5 miles of water, sand and rock making it hard to mine.

The discovery followed the emergence of two other fields at the same time - Jupiter and Carioca which are expected to make an impact on the industry.

9 - Carabobo

  • Location: Venezuela
  • Est. barrels: 15 billion

Description: 15 billion barrels of oil lay at the bottom of the Carabobo field, all state-owned by PDVSA.

Split into 3 different areas, Carabobo 1 will become the fourth largest onshore oil field in the world. Repsol, Petronas, Indian Oil Corporation and Rosneft are just 4 of many external companies who have pumped cash into the development.

northslope

10 - North Slope

  • Location: Alaska
  • Est. barrels: 40 billion

Description: The already used field will steadily run out by 2025 without new exploration and infrastructure unless political support is swayed.

40 billion barrels of oil and 125 trillion cubic feet of gas could be tapped into, and it is certainly something that BP, ExxonMobil and others are itching to build.

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Photo Credits: Wikipedia, Wikipedia, Wikimedia

Topics: Oil news, Oil and Gas Industry

   

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