The Change Mariner

Oman's Oil Yield Long in Decline

The New York Times :

The Royal Dutch/Shell Group's oil production in Oman has been declining for years, belying the company's optimistic reports and raising doubts about a vital question in the Middle East: whether new technology can extend the life of huge but mature oil fields.

Internal company documents and technical papers show that the Yibal field, Oman's largest, began to decline rapidly in 1997. Yet Sir Philip Watts, Shell's former chairman, said in an upbeat public report in 2000 that "major advances in drilling" were enabling the company "to extract more from such mature fields." The internal Shell documents suggest that the figure for proven oil reserves in Oman was mistakenly increased in 2000, resulting in a 40 percent overstatement.

See related story: Saudi Arabia Struggling To Meet Oil Demand

Posted by Jennifer King at April 8, 2004 03:05 PM | TrackBack
Related Categories: Industry - Energy | Quadrant - Economic | Quadrant - Technological

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