He Ghawar oil field, the largest in the worldhas a production capacity of more than 65,000 barrels of crude oil. But now, it is exhausted and its performance is close to 60% of its capacity. It was discovered in 1948, in the middle of the Saudi Arabian Desert, in the province of Al-Ahsa. But now something surprising is happening that is going to change the hydrocarbon market. And the giant oil producer is beginning to enter the gas territory, revolutionizing the global energy industry.
Since it was discovered, it has pumped more than 65,000 barrels of crude oila third of all the production of this territory, which has oil as the main leg of its economic system. Despite the time, there are many interests invested in this site, which means that there is never any fear for its production. Has shown signs of being exhaustedyes, but in a short time they have disappeared.
Much of the blame lies Aramco (owner of the largest hydrocarbon network in the world), which is working to extract tight gas, with low permeability. And this deposit, which supports a good part of the area’s population, leaves no one indifferent, even more so when its gas potential has been discovered.
Already in 2023, specifically in the month of November, as reported theEconomistthe production of the first unconventional gas was announced, shale. There were up to 300 million cubic days of this element. But what makes it possible for this oil field to be the world leader?
Located in porous stone that facilitates the extraction of crude oil
The site located in Ghawar It is on top of limestone formations from the time of Jurassiccalled Arab-D Reservoir. These exceptional conditions facilitate the extraction of crude oil. Which, in addition, is carried out following the latest techniques for this, such as water injection.
At the time it was discovered, It housed almost 100 billion barrels of crude oil. and it is estimated that this year is ending with good figures because there would be around 35,000 left to extract. The novelty is the potential to extract gas. One third of the crude oil that has been extracted throughout history in this kingdom comes from this field.
It follows in the wake of other important deposits such as the one recently discovered in the Ivory Coast, with enormous capacity and potential to change the local economy.
What is the largest oil field in the world like?
What is considered the largest oil field in the world is enormous, and this can be seen in the 280 kilometers long and 36 wide, with an area of 8,400 square kilometers. The passage of time has caused oil production to decline, but that does not mean that it is losing potential.
On the contrary, it produces 3.8 million barrels per day. An astronomical figure that Saudi Aramco has published. There they point out that Ghawar It continues to be a key point in the energy of this country. To know it better, you have to know that it is divided into 6 areas, which are: Fazran, Ain Dan, Shedgum, Uthmaniyah, Hawiyah and Haradh. A high amount of natural gas is produced in these regions.
When work began on this site, in the 1950s, it became a key point for Saudi growth, one of the countries with the highest per capita income in the world. They have always worked in sectors such as agriculture. But, of course, once the oil potential was discovered, the door has been opened to exploitation that is making a lot of money.
With this capital, public services such as roads, educational infrastructure or modernization programs for the country have been paid.
An old deposit with an expiration date
Experts are now wondering how much longer this Ghawar field will last. Because it has been in operation for a long time, and analysts consider that it already has a 60% less capacity. Little by little it will go out and for this reason, Aramco is working to try to prolong its useful life for as long as possible.
A site over which the shadow of lack of transparency weighs. And for a long time, information about the operation and production of this well has been hidden. But, when it began to be listed on the stock market, Aramco began to publish data in which the real production levels of the field appeared.
The United States Energy Agency (USA), through the information it had obtained, estimated that 6 million barrels a day were being produced from Ghawar. And that was far from reality. They had to come out and deny it, pointing out that there were 4 million a day in 2019.
Saudi Arabia produces 9 million barrels of crude oil per day
Saudi Arabia is producing 9 million barrels of crude oil per day, an impact that crosses borders. The Organization of Petroleum Exporting Countries (OPEC) places this country as a key player in the global economic panorama.
Ghawar is revolutionizing the weight of oil and although Saudi does not have as much weight in the national and international crude oil market, it is still at the forefront. It must be taken into account that almost 13 million barrels per day could be produced in Riyadh.