<DrumBeat: March 6, 2008 The Oil Drum DrumBeat: March 7, 2008>

101 comments on The Disconnect Between Oil Reserves and Production

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The Dude on March 6, 2008 - 10:20am Permalink | Subthread | Parent | Comments top

From peakoil.com, courtesy of the ever vigilant Steam_Cannon. We've had a number of threads on LSC peak there:

It's Official! Light Sweet Crude MAXED OUT: OPEC
Have non-Opec, and global light sweet crude oil both peaked?
Lloyd’s List – Past Peak for Light Sweet Crude

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PaulusP on March 6, 2008 - 10:37am Permalink | Subthread | Parent | Comments top

Great! Thanks. You are one cool dude, man.

Am I correct in the assumption that once light sweet peakes and declines, EROEI goes down?

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Prof. Goose on March 6, 2008 - 12:27pm Permalink | Subthread | Parent | Comments top

The dude continues to abide.

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The Dude on March 6, 2008 - 2:06pm Permalink | Subthread | Parent | Comments top

Glad you like the chart. Says it all. The peak in LSC is a keystone of my rather infrequent peak oil rap - tying that in with the constant reports of refinery shutdowns we hear about. Would like to see an article charting the history of those, too.

Staniford contributed a small piece on LSC peak here, too, when he was still a guest contributor.

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Mark B on March 6, 2008 - 8:01pm Permalink | Subthread | Parent | Comments top

Ahem. The quote is "The Dude abides." This misquoting aggression against one of my favorite movies will not stand, man. (:

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The Dude on March 6, 2008 - 9:15pm Permalink | Subthread | Parent | Comments top

Thanks, Gary.

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Gail the Actuary on March 6, 2008 - 1:58pm Permalink | Subthread | Parent | Comments top

EROEI goes down, just because of the rising water cut and adding new smaller wells in higher to reach locations. Things that would add to the processing after production (higher sulphur, lower gravity) would reduce EROEI further.

The mix of oil types is moving to the ones that trade at a discount to the light, sweet types. Thus, the funds oil companies are receiving from the sale of oil will tend to lag indexes of a particular type of light, sweet oil (say WTI or Brent). The amount spent on processing goes up, so the cost to the consumer doesn't get much benefit of the price spread to lower grades.

Relative to average price of crude, the price of consumer pays probably goes up, because of lower EROEI.

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101 comments on The Disconnect Between Oil Reserves and Production

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