Bloomberg:
Sept. 2 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, reported a "giant" discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, sending its shares higher.
The well is located in Keathley Canyon block 102, about 250 miles (400 kilometers) south east of Houston, the London-based company said today in a statement. The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest.
I think
this bit from CNBC is interesting:
The Gulf of Mexico has become increasingly important to Western oil majors as oil rich-countries such as Saudi Arabia, Venezuela and Russia increasingly reserve their richest fields to be developed by their state-owned oil companies.
Unlike Saudi Arabia, Venezuela and Russia, "big oil" companies must provide open and honest reporting of their reserves. We do not know what reserves the petrothugs have and it is in their interest that there's a perceived shortage. For the petrothugs, peak oilers are useful idiots.
9 comments:
This is good news for Houston too Lou-enjoy!
I just got my head chewed off at CR on this subject. It's disturbing how mean people get when your challenge their belief in peak oil.
It really get 'em riled up to say something like "if we're running out, why's it still so cheap?" Still cheaper than water at the quickie-mart.
I usually just piss 'em off with:
* "Hurry, before this wonderful product is depleted from Nature's
laboratory!"
--advertisement for "Kier's Rock Oil," 1855
* ". . . the United States [has] enough petroleum to keep its
kerosene
lamps burning for only four years . . . "
--Pennsylvania State Geologist Wrigley, 1874
* ". . . although an estimated two-thirds of our reserve is still
in the
ground, . . . the peak of [U.S.] production will soon be
passed--possibly
within three years."
--David White, Chief Geologist, USGS, 1919
* " . . . it is unsafe to rest in the assurance that plenty of
petroleum
will be found in the future merely because it has been in the past."
--L. Snider and B. Brooks, AAPG Bulletin, 1936
huzzah, I'm finally a useful idiot. can i join the democrats now?
that's great about the new bp field, but they don't say if that is total oil in place or recoverable. if it is total than that 3 billion bbl becomes 1 billion bbl, the same size as thunderhorse.
i was googling around trying to find something on field size, here's a pdf that describes the problem:
http://www.simmonsco-intl.com/files/giantoilfields.pdf
I know earlier predictions of peak oil in the USA were wrong, but finally they were right, production peaked and went down.
I know I won't sway people who are already are convinced there is infinite oil because the price went down, i recommend you go read "the prize". You'll see that the same cycle of prices has been going on for 140 years, it has nothing to do with total production capability or total oil in the ground.
Glad to have you here, Joe. I don't like echo chambers.
Rob, I liked the term you created. It was "peakenese" IIRC.
Again, oil production peaked in the U.S. because by the 1970s it was far cheaper to pump oil out of the ground and ship it from Saudi Arabia than it was to pump it out of West Texas.
There are plenty of stripper wells that simply didn't operate when oil was under $20/bbl, but when it spiked past $100 they came back online.
think of stripper wells as windmills not base load. it's nice to have one in your back yard, but they don't add much to production.
a well that matters to worldwide production makes 1000's of bbls per day.
production peaked in the usa when the supergiant fields watered out.
Post a Comment