Dr. A. Hamid Majid, renowned oil expert, affirmed that huge reserves of heavy oil exist in Wafra oilfield between Kuwait and Kingdom of Saudi Arabia, amounting to around 25 billion barrels. He said that if exploited, it will become the largest operating steam projects in the world.
Dr. Majid, Special Advisor to the President of Canada Natural Resources Limited, said in a press release on the occasion of company participation in Gulf Petroleum Conference 2012, organised by Investors Group on April 9th, that if Kuwait benefited from the possibilities offered by the technology of heavy oil, it will be able to extract around 1000 billion barrels of heavy oil, an equivalent of 30% of world reserves in the Middle East.
He believed multi-stage hydraulic fracturing technology will spread in oil producing GCC countries and other Arab countries in order to access unconventional resources.
Moreover, on the future prospects and risks of investment in oil and natural gas projects in Arab countries, Dr. Majid explained that there are two effects. The first is for the Middle East to witness a change in supply and demand mechanism for its oil and natural gas; with some countries’ continued efforts to achieve new breakthrough in discovering new materials for local oil and gas.
The second effect, he said, is represented in the continued march of new technology applied in other places in the world towards Middle Eastern oil and gas fields.
Dr. Majid added that oil made a quantum leap when it became economical to exploit tighter oil reservoirs thanks to innovation in extraction technologies. “I expect that key producers in the Arab world will increasingly look towards their own domestic demand growth as well as demand from non-OPEC growth such as from China and India,” he said in his speech.
The Middle Eastern oil expert also pointed out the opportunity in the Arab world for Canadian Natural Resources Limited to apply the lessons learned while targeting unconventional gas resources in North America. He said that an increase in recovery of heavy oil resource using thermal methods will translate into reserves growth and greater supply from Middle Eastern countries.
Dr. Majid expressed his hopes that Canadian Natural will participate in the future development of Kuwait’s vast heavy resources as well as in the heavy resources of Oman.
Canadian Natural Resources Limited produces approximately 700,000 barrels of oil per day. It is the second largest natural gas and the largest heavy oil producer in Canada. It also operates oil and gas fields in the North Sea, Gabon and Ivory Coast.
As for renewable energy and its applications, Dr. Majid insisted this energy is important in the context of meeting world supply for world growing population while stressing that renewable energy will not replace fossil fuels, but rather become part of a balanced portfolio in years to come.
He also affirmed the importance of Gulf Petroleum Conference 2012 in exchange of information among participating companies and experts, because ongoing dialog will lead to the most efficient extraction of resources; adding that this not only lead to better business decisions among industry participants, but also leads to more efficient and sustainable extraction of resources.
Source: Press Release by the Investors Media Group