Jayson Funke wrote:
Would anyone care to guess how the Economist counted and arrived at this figure?
.
Economist says: "Yet Big Oil is pretty small next to the industry's true giants: the national oil companies (NOCs) owned or controlled by the governments of oil-rich countries, which manage over 90% of the world's oil, depending on how you count."
. Well, let's start counting, and it's a subtraction problem! ... for a start, SaudiAramco is probably including the 30% to 55% (2004) water cut in one of their largest fields, Ghawar. .
But this year at the Offshore Technology Conference some were talking about a 55% water cut for Ghawar. Part of this is because the Saudi's inject large ...
http://home.entouch.net/dmd/ghawar.htm Proven reserves mean nothing anymore, they are literally making the numbers up. As I have state previously:
Iraq's stated reserves went up 40% overnight, while under embargo, with no actual finds, no changes in production capacity, no nothing.
. ...simply due to the fact that the rules were changed by OPEC so the more your reserves, the more you could export. Which leads me to state the corollary of the (alleged) Samuel Langhorne Clemens quote "...lies, damn lies, and statistics". "Figures don't lie, but liars do figure." Leigh http://leighm.net/
