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105 comments on DrumBeat: May 27, 2009

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Leanan on May 27, 2009 - 10:00am Permalink | Subthread | Parent | Comments top

The CNBC hairdos admitted that this "optimistic" prediction is actually more pessimistic than the last survey. So maybe reality is slowly starting to sink in.

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FMagyar on May 27, 2009 - 10:10am Permalink | Subthread | Parent | Comments top

this "optimistic" prediction is actually more pessimistic than the last survey.

What the heck did the last survey show? Were they expecting Manna from heaven or something?!

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SanDiegoObserver on May 27, 2009 - 12:07pm Permalink | Subthread | Parent | Comments top

The guy with a lack of a hairdo (sorry - can't remember his name - he's got the "Monkey Butt" baldness issue) was just reporting on Exxon-Mobil.

He actually reported that "Exxon-Mobil says lots of spare capacity will offset _____ and depletion" (Didn't hear what other words came before "Depletion". Could have been a slip of the tongue but I can't help but cringe at hearing that.

I don't think they get it.

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elwoodelmore on May 27, 2009 - 1:50pm Permalink | Subthread | Parent | Comments top

http://www.rigzone.com/news/article.asp?a_id=76531&hmpn=1

tillerson:

“Between 2008 and 2015, to offset normal field declines and depletion, ExxonMobil expects to add approximately 1.5 million oil-equivalent barrels per day of new capacity through new projects -- equivalent to almost 40 percent of current production. In all, ExxonMobil's industry-leading portfolio of more than 100 projects is expected to support development of more than 24 billion oil-equivalent barrels of energy.”

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aangel on May 27, 2009 - 3:05pm Permalink | Subthread | Parent | Comments top

Yes, but Tillerson is not telling the whole truth. As David Strahan points out in The Last Oil Shock, the overwhelming majority of Exxon's reserve additions come from natural gas, not oil, and that's why they make sure to always talk in "oil-equivalent" barrels. If they distinguished between oil and gas, people would see that their oil reserves are not nearly being replaced.

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Fractional_Flow on May 27, 2009 - 3:23pm Permalink | Subthread | Parent | Comments top

From 2002-2007, I believe you will find that over 90% of their reserve replacement came from Quatar North Field LNG trains. In 2008, they added a billion barrels for Imperial Oil Oilsands project(s).

Their reserve mix is becoming less and less profitable.

FF

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westexas on May 28, 2009 - 2:06am Permalink | Subthread | Parent | Comments top

"Contrary to the theory, oil production shows no signs of a peak... Oil is a finite resource, but because it is so incredibly large, a peak will not occur this year, next year, or for decades to come"

ExxonMobil Advertisement in New York Times, June 2, 2006

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105 comments on DrumBeat: May 27, 2009

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