174 comments on DrumBeat: October 23, 2008
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174 comments on DrumBeat: October 23, 2008
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…THE IMPENDING OIL CRISIS… PICK OIL…? EVERYTHING ISN’T SO BAD.
Undiscovered world hydrocarbon reserves are too far from depletion. For example, the world’s second largest discovery in the past 20 years occurred at Brazil's Tupi field, in November, 2007. Estimated recoverable reserves could reach eight billion barrels. Some early was discovered Sugar Loaf field (25-40 billion barrels).
Swiss-based Manas Petroleum stated that a resource evaluation in north-western Albania had assigned 2.987 billion barrels of oil with 3.014 trillion cubic feet of associated gas.
Oil contents of the US Outer Continental Shelf estimates as about 19 billion barrels and so on.
There are many large undiscovered oil fields (perhaps 40-50%).
Problem is in low success rate in exploration wells.
According to industry figures the rate for the North Sea now are approximately 25%. In other words only one well is successful in four drilled. It significantly brakes industry growing.
However there is a Binary Seismo-Electromagnetic (BSE) technology, which uses new physical mechanism for creation the direct response from hydrocarbon deposits. It can significantly mitigate statistic data cited above because BSE success rate is more then 75% for wildcats with discovering commercial pays. Or to put it another way, failure rate is 25% only (one well in four drilled). So, new method is at least in three (3) times more effective then conventional methods. The BSE survey can find and outline at list 75% of all reserves in any region before any drilling is done or it can add 25-30% reserves in old provinces. www.binaryseismoem.weebly.com
Greetings folks. Been away for a couple of months (funny how failing businesses require so much work). But, I see not much has changed despite the world economic meltdown.
Glad to see we still are going to find all this new oil. (I'm purposefully ignoring the inopportune fact that all of the wonderful "discoveries" listed in the post above amount to less than a years world consumption).
So, have a missed anything?
Welcome back shaman.
If you've missed anything, your shaman abilities will quickly bring you up to speed.
Quite the roller-coaster ride going on these days. Only one change worth mentioning: SNAFU (situation normal all fouled up) has been displaced by FUBAR (fouled up beyond recognition). Otherwise, same mess different day.
And you're bang on: the promise of the next gusher just around the corner is still with us. Same prototype or archetype as the cavalry coming to the rescue. Such wishful thinking is as pandemic as ever.
We mortals have much to learn!
I learned that the government's best way of dealing with colossal debt problems is to take out more colossal debt. Oh, and the stock market likes this idea too, until they realize there is almost no way to foot the bill.
But oil is below $70/barrel, so Peak Oil has been averted, party on! (Yeah, whatever.)
I thought we had moved past FUBAR to BOHICA (Bend Over, Here It Comes Again)
And I'm sure they'll have no problem at all coming up with the financing for all those new megaprojects. That OPEC President obviously doesn't know what he is talking about.
/sarcanol
Is it pure coincidence that BSE also stands for Bovine Spongiform Encephalopathy. otherwise known as Mad Cow Disease?
Merv_NZ,
For your info:
Dr. Peter McCabe, a world-renowned scientist who has spent over 30 years in geologic research related to fossil fuels in academia, industry and government, has made a bold claim that in his opinion, “There is no impending peak oil crisis - and the same thing goes for natural gas and coal.”
Dr. McCabe thinks that the “peak oil crisis” is a poorly thought-out concept, and has determined many ways to access more fossil fuel resources: “squeezing oil out of unconventional sources such as oil shales, to using new technologies to re-exploit old oil fields that had since been left as dead.”
Do you think McCabe's hypothesis is justified? Or is there a looming oil crisis?
To read more environment-related news, please visit http://www.causecast.org/environment
For the full story, please visit http://gas2.org/2008/10/07/how-much-oil-is-actually-left-on-this-planet-... Photo / flickr/FreeWine
•
According to McCabe, in a nutshell the peak oil concept is fundamentally flawed because it doesn’t account for external factors.
The way he sees it, the world has plenty of remaining and untapped fossil fuel resources to keep up with demand for at least the next 30 years. From squeezing oil out of unconventional sources such as oil shales, to using new technologies to re-exploit old oil fields that had since been left as dead, to undiscovered conventional oil sources, Dr. McCabe’s opinion is that there is no impending peak oil crisis - and the same thing goes for natural gas and coal.
Concerning BSE.
You know nothing about it. See www.binaryseismoem.weebly.com
Thanks