49 comments on Rank the Top 10 Oil Stories of 2008
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49 comments on Rank the Top 10 Oil Stories of 2008
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№11 Peak Oil…?...Everything isn’t so bad…
According to the estimate made by the USGS (WPA 2000) “approximately 800 billion barrels are awaiting discovery in the coming 25 years. Implying a tripling of current annual discovery for a period of 25 years”. This desired increase of annual discovery still isn’t achieved. However, the USGS forecast is real, because a great possibility of improving discovery rate can be achieved as a result of technological progress in exploration methods.
With new technologies (like patented invention US 7,330,790) oil industry could make three times more oil and gas discoveries than when using conventional technology. And the fact that new technology won't need more investments than a conventional one is also very important. It could significantly mitigate world energy problems. The technology is designed and successfully tested in the Barents and the Black Seas as well as in the Gulf of Mexico (see: www.binaryseismoem.weebly.com)
Hey Geolog,
This is small potatoes. Haven't you heard that I hope to patent a process for extracting the energy from discarded chewing gum, that will avert the Peak Oil disaster. And my cow burping capture method will provide enough methane to power the globe for hundreds of years :)
By the way, 2 to 3 times more discoveries than what?? And how large are these discoveries. After all, when it comes to oil, it is not the number that matters so much as the size. There is not too much equipment available to drill a bunch of weeny oil fields.