The amount of oil in the Permian basin in Texas rivals Saudi Arabia's Ghawar Field
, the world's largest, super giant conventional oilfield.
Some oilmen believe the amount of oil in the Permian rivals Saudi Arabia's Ghawar Field
, the world's largest conventional oilfield.
The Master Gas System is operated by Aramco and is one of the world's largest hydrocarbon networks, the scheme's construction started in the mid-1970s and came online in 1982 predominantly to transport associated gas from Ghawar field
to support industrialisation.
In 2014, these costs ranged from an average of $7 a barrel for the Ghawar field
in Saudi Arabia, to $21 a barrel in the offshore Norwegian fields, to $51 a barrel in the Bakken shale in the United States.
"The growth in production is unprecedented, exceeding all historical records, even Saudi Arabia after production from the mega Ghawar field
or Soviet gas production from the super Siberian fields," Birol said.
3 Saudi Arabia's Ghawar field
is the largest in the world and has an estimated 75 billion barrels of oil left.
He pointed out that Saudi Arabia works on digging up to five experimental wells of shale gas in the Ghawar Field
and in other fields near borders with Jordan.
Initially, the three mooted gas projects focused on a $15 billion scheme to develop gas reserves in South Ghawar field
and two minor $5bn ventures that involved gas production for petrochemical, power and water desalination projects.
The proximity of its deposits to the surface allows an easy exploitation, while the dire size of its deposits (just the Ghawar field
close to Bahrain holds more oil than the United States) creates economies of scale in infrastructure investments.
West Qurna is central to Iraq's oil expansion plans, with enough reserves to pump more than 5 million barrels per day (bpd), and it could rival the world's biggest producer, Saudi Arabia's Ghawar field
, when its two phases are running fully.
But Ali al Naimi, the Saudi Arabian oil minister, pointed to the Ghawar field
's 88 billion barrels of remaining reserves and the kingdom's large cushion of spare pumping capacity as signs that oil was still abundant.
Al-Faleh gave an example of an investment worth hundreds of millions of dollars in a project that is a part of the development of the Ghawar field
in Saudi Arabia, and said: Aramco is preparing for oil exploration in the Red Sea, and deep water drilling will begin there in 2012.