BETWEEN October, 2008, and mid-April, 2009, more than 20 planned large-scale upstream oil&gas projects involving about 2million bpd of peak oil capacity and close to 1billion cu ft per day of peak gas capacity were deferred indefinitely or cancelled, according to the IEA.
Developments in Kuwait are concentrated on the Sabriyah and the Umm Niqa fields, where a total of 50,000bpd of NGL capacity is being added, with completion expected in 2011. Another project at the Sabriyah field should add 160,000bpd more oil production by 2015.
The engine of future increase in world oil output will be Opec, its members' collective share rising from 44% in 2007 to 51% in 2030. So says the International Energy Agency in its headline-grabbing World Energy Output 2008 report.
