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199 comments on DrumBeat: December 18, 2007

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Darwinian on December 18, 2007 - 10:12am Permalink | Subthread | Comments top

Alaska North Slope oil production falling by 6 percent per year.

Though many activists think North Slope oil production is hugely profitable, despite the fact that production is falling by 6 percent a year, the reality is that the companies with North Slope leases must spend more money to produce less oil. It doesn't take a genius to understand that a bigger government gouge leaves less to spend on projects.

But not to worry, Canadian Oil Sands to the rescue.

Canadian Oil Sands overly optimistic

The trust said on Friday it expects gross annual production from its Syncrude project to hit somewhere between 300 and 328 million barrels per day in 2008.

Wow, that is really optimistic! If that quote is true then the world is about to be flooded with oil. And further down in the article they get even more optimistic and predict 360+ million barrels per day. Of course that is a misprint, they really mean, I think anyway, barrels per year.

But that just goes to show how clueless many people in the media are as to oil production. They can multiply the figures by several hundred percent and the media never bats an eye, the figures are reported as if they were real.

Ron Patterson

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Starship Trooper on December 18, 2007 - 11:13am Permalink | Subthread | Parent | Comments top

Someone must have figured out the difference between thousands of barrels per day and millions of barrels per day as the article now reflects the former rather than the latter.

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Darwinian on December 18, 2007 - 11:26am Permalink | Subthread | Parent | Comments top

Thanks Starship. Perhaps someone saw my post and said "Uh-Oh" then corrected the problem.

So they produce less than one third of one million barrels per day. That ain't much in the grand scheme of things. There must be more oil producers there other than Syncrude as I think the oil sands produce about a million barrels per day.

Ron Patterson

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westexas on December 18, 2007 - 11:30am Permalink | Subthread | Parent | Comments top

At their current rate of increase in consumption (which in some cases appears to be accelerating), just the top five net oil exporters will consume an additional 5 mbpd in Total Liquids in 10 years.

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