The article tries to spin this as much as it can a an imminent disaster.
The oil field is still going to be producing oil for another 30 to 40 years, and it's not producing the amount of oil it was at one time, but it's still producing a huge amount of oil.
It does show a need to aggressively persue new sources for oil, and for alternative energy sources.
The fall in production at Burgan is readily overcome, if this is an isolated event. However the great Saudi oilfield are of a similar age, and if the Saudi giants start declining as well, (Ghawar, Safaniya, Abqaiq, etc...) then that is not something easily overcome.
As you say we need to agressively deal with this issue. Geology is not going to wait for politicians.
Kuwait's oil co. is state owned and not using the latest oil recovery technology. The US has good old boys in TX and OK who could squeeze oil out of your dish cloths.
If Kuwait hires our technology, it will be in the oil business for a long time.