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Middle East Oil and Gas . .' !• fr{]£[ffi~£o§@£@@@ 0 Susitna Joint Venture Document Number Please Returr To EXXON BACKGROUND SERIES DOCUMENT CONTROL Middle East Oil and Gas -I I i t::, /} •,} (') (",)\.1 .::., .; ()''-'c -~~ i) "'' ~~ J - DECEMBER 1984 L L Middle East Oil and Gas List Gf Figurres, Tables a11d Map~ Table of Contents 1 Figure.~ Page Chapter Title Page 1 World Distribution of Proved Oil Reserves 2 :;;- ---~--~--------~--------------------------------- 2 Proved Oil Reserves of Middle East and Other Nations 4 1 A Position llf Preeminence 2 3 Changes in the Oil Imports Dependence of Principal Industrialized Nations 7 2 His tor)' of Area's Oil Operations--- 5 4 Rates of Discovery 'ilnd Production of Total World Oil Reserves 8 Iran 5 Principal Oil Movements by Sea 14 Iraq 9 6 Major Events which Changed Middle East Bahrain 13 Crude Oil Selling Prices-1970-83 28 Kuwait 1il 'I 7 Middle East Oil Production and Significant Related Events-1950-83 31 Saudi Arabia 13 8 World Crude Oil Production-1945-83 32 Neutral Zone ;· 15 9 International Oil Companies' Equity Interest if Qa-.tar 16 in Middle East Crude Oil Production-1965-82 35 TJ nited Arab Emirates 16 10 Middle East Government Receipts from Oi! 36 Oman 17 '• .'" Egypt 18 Tuble$ 3 Gas Operathms 19 1 Middle East Oil Discoveries: Cumulative Production Saudi Arabia 22 and Remaining Reserves 3 Iran 22 2 Middle East Gas Reserves 5 Kuwait 22 I, 3 Middle East Crude Oil Production 5 Qatar 22 4 Middle East Gas Production and Utilization 19 Iraq 23 ,, 5 Middle East Natural Gas Liquids (NGL) Capacity 22 United Arab Emirates ?..3 6 OPEC Crude Oil Production-1960-83 25 7 Changes in Selling Price of Arabian Light Crude Oil 27 t! The Changing Relationships With Producing Countries 23 8 Middle East Crude Oil Refining Capacity 33 The Early Years 23 9 Middle East Oil/Energy Demand 34 Fifty-Fffiy 23 10 Comparison of Middle East Countries' Domestic The Bitth elf OPEC 24 Petroleum Product Demand 37 Jlt!aintainin{J Gorernment Take 2A 11 Middle East!ndustrializ.ation Projects 38-39 Higha Government Take 26 12 Middle East Nations Compared: People, Area and Revenue from Oil 40 Gol'ernmeutParticipation 26 Maps 5 A New Oil Pricing Environment 27 Unilateral Action 1 The Head of the Gulf 27 10 Tu.,o-Tier Pricing 2 The Middle East 29 10-11 Iran in Crz'sis 3 The Gulf 29 20~21 A "Cushion"jor Consumers 29 The Second "Price Shock" 30 1bw.ard Complr,te Ownership 30 UniformP}'lcing 30 Prii·e Sqften'ing 30 w ·-··- --·-----·---~ 6 Refining and Other Industrial Activities 33 ·--------- ~-----·-------· -~- 7 Change and Progress 37 © 1984 Exxon Corpomtion Maps® 198/; by westernwnn clruck 1 A Position of Preeminence 2 The most impressive measure of the economic Figure 1 importance of the 1\cfiddle East* is the size of its leum E:-q>Orting Countries (OPEC). This led to a Iraq exceeded 10,000 b/d. By1983, after three 3 petroleum reserves.l\Iore than half of the wodds World Distribution significant expansion of non-OPEC oil production years of declining world demand, this had fallen proved oil resenes and about a quarter of its nat­ .t!f Proved Oi! Reserves and to an offsetting drop in demand for OPEC to 6,500 and 3,000 b/ d, respectively. (See Table 3.) ural gas are judged to be in the re!,>ion (Tables 1 In Blll10ns of Barrels, as of January 1, 1.984 oil-particularly from the six nations in the In comparison, the overall average well rate in and2, and Figures 1 and 2). Middle East that accounted for aboui ;1'0 to 70 the United States in 1980 was about 16 b/d (and pel'cent of OPECs total production. By 1983, 14 b/d iP 1983). Oil was discovered in Iran as early as 1908, but it Middle East cmde oil production was down to ·was not until after \Vorld War II that sufficient just over 12 million b/ d, or 2 million b/d less than Because of the economies of scale, as well as the resen·es had been found and de\·eloped in the the area had produced in 1970. It is unlikely, how­ proximity of fields to marine loading terminals, area as a whole J~Jr the .Middle East to become a ever, that production at such a low level will con­ pre-tax costs per barrel of Middle East cmde significant factor in world ener!-,1)~ Thereafter the tinue indefinite})~ The world's need for energy is have been and continue to be lo\v. This vvas the regions production rose rapidlj~ from 1/2 million too great, and the regions reserves are too primary factor in the rg.pid increase in free world barrels a day (b/d) in 1945 to more than 1 million prolific. dependence on oil from this source in the years h/d in 19-18 and 2 million bt d four vears latet: By following World War II. It is a dependence that 1952, it accounted f·H' over one nf e~·erv six • By ordinary standards, Middle East oil fields are remains strong despite the manyfold increase in l·arrels produced worldwid<>. • especially large and productive. At least 20 of oil prices imposed by the members of OPEC since them are expected ultimately to yield more than the winter of 1973-74 (Figure 3). Moreove1; in the The ~·Dpid po.stwar growth in .Jliddle East oil pro­ 5 billion barrels each. Deven had produced this long mn, it seems destined to grow: ductiOn was m response to surging demand in amount by 1983. We~t<:rn 1'urope and Japan, induced by the resto­ The prospects for Middle East natural gas are ration and subsequpnt expansion of war-shat­ High well productivity in the Middle East is less clear. Although the reserves are large, they tered economies. Resen·oirs that had been attributable, principally, to two characterisiics of have as yet not played a major role in world ~i::;covered h:fore the war were quickly brought its reservoir rocks: continuous thick (200 feet and energy supply. Gross production in re~entyears mto produt'tton, and intensive exploration soon more) intervals containing petroleum and unusu­ has averaged only 10 to 11 billion cubic feet per led to ?ewdiscm:tlries:..induding Ghawm~ the ally high permeability which permits the oil (and day (cf/ d), about 10 percent of total free world worlds large~;t ml fielrl, in Saudi Arabia. gas) to flow at high rates. gas output. During this period, because of limited local demand and the high costs of moving nat­ ~r ~H65!.the ~\liddle gast had displaced the Actual production rates, however, have depended ural gas over great distauces to foreign markets, l: n:ted ~tates as ~he wor-lds largest em de oil pro­ on market conditions. In 1980, for instance, a half or more of Middle East gas productive duct~g area, and Its output continued to increa ..'>e. ayerage production per well in Saudi Arabia and capacity has gone unutilized (page 19). Dul'lng the lH'iO$, it accounted for 30 pereent of ~otal world produ~tion. The dramatic oil priee Table 1 mcreasPs of 1~>73-74, incident to the Arab oil Middle East Oil Discoveries: Cumulative Production and Remaining Reserves embm~o •.an~ the global recPssion of 1974-75 onlv (Billions of Barrels) temp~rart~~- mtermpted thl' pattern of growth. · 7htctl D i scm·c·· 1·iu:: Cumulat it•c: Estimated Prul'ed Rc·st'l"t'C'/1 (Rc.~crl'tll +Cum. By 19 i7 I\liddle Ea..;;t production had reached a Pmtludion Axot'Jan.; Prud11.1 highof221/2 million b/d. Count 111 A.~qt'Jf};!J~ J[l;;o JliUS 1/IXIJ 1!. '1.} A~< '!f,Jan.J,l.'/8!, Bahrain 0.7 0.3 0.3 0.2 0.2 0.9 Itremai~ed n~~rthat level through 1979, when the I~·aat~n crJs1s brought about a further series Iran 31.8 13.1J 38.0 58.0 51.0 82.8 of pr~ce h!k('.s. Onlr then did asigniticant re­ Iraq 16.6 8.7 25.0 31.0 43.0 59.6 trenchment m th<.• demand for Middl<' Ea..'>t oil Kuwait* 23.0 15.0 69.3 68.5 66.8 89~8 emerge· Energv consen·ation and substitution Oman 1.9 0.5 24 2.8 4.7 ~1easures -l~C!-,'Un after the Ul74 oil priee Qatar 3.6 1.0 3.5 3.8 3.3 6.9 mcreases, remforc~d hy the increases of 1979-SO ~?d ~urt;1 ~r .strengthe~ed by a worldwide reees­ Saudi At·abia* 50.1 10.0 66.8 166.5 161'.9 219.0 Shm 1111980- resulted m a sharp decline in the United Arab demand for l'l1(!l'J.,ryand especially for petroleum. Emirates 8.6 7.7 29.4 32.3 40.9 Total Gulf Area 136.3 48.0 211.1 359.8 368.3 504.6 :\Ior~ovet~ t.hose same price inerea:;es sc.•t in Egypt 3.0 0.2 3.1 ·MANIJJX.I mo~wn an tr:tensiiied seareh for oil supplit~s in 1.5 3.5 6.5 natiOns ou~stde the Organization of the Petro- Total Middle East 139.3 48.2 212.6 362.9 371.8 511.1 .·JI.: Un itetl State~: l.J(i.!J 2(}~2 .!!;.5 J(j.5 2i..J 16/;.2 ·r/11 frrm ~\lull/1 •-• t" · l · 111 1 J/;1.;] · • • l Ltt>< 1m·J111Uiculirmrr fi-r" ft1t111.
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