Yoshua wrote:Saudi Arabia has been producing an increasing amount of energy to try to maintain their crude exports.
pstarr wrote:Folks don't understand the money we shove down the drill pipe in our need for oil.
pstarr wrote:Out of sight, out of mind. The idiots think oil grows on trees lol
Folks don't understand the money we shove down the drill pipe in our need for oil. Out of sight, out of mind. The idiots think oil grows on trees lol Here's another example Yoshua (not dissimilar to the $100 of billions spent by SA getting at the last drops). It's all about net-energy losses in the energy producing system. Money, wealth, technology thrown away down the drill hole.
There are of course doomers here that would argue that the planet can not support 7.5 billion people regardless of what transition we make to alternative power sources -----
"Famine is a rare and specific state. It is declared after three specific criteria are met: when one in five households in a certain area face extreme food shortages; more than 30 percent of the population is acutely malnourished; and at least two people for every 10,000 die each day."
The price of oil is more than the economy can afford; at least 99% of it can't.
except that the average US household is growing debt 60% faster than its income.
1 billion barrels that doesn't reach the productive consumer society. One billion barrels that should have been spent on hospitals, education etc. etc. * We count the oil produced as if it were oil used. It is not used, not for money, capitalistic or social gain. It is used to get more oil. Does anyone understand this yet? Or am I swimming in a sea of idiots **
Saudi Arabias nat gas production and consumption has doubled since 2000 and count for 40% of Saudi primary energy consumption.
That article is over 3 years old. It's predictions did not come true. Kashagan restarted production last year.pstarr wrote:In recent weeks, word has dribbled out that Kashagan—one of the largest supergiant oil finds of the last half-century—may lie dormant through the summer (paywall) and perhaps longer. But this is the first concrete report that the gravity of the problem means that Kashagan will produce no oil through at least 2016 and possibly 2017.
Kashagan: An Oil Market Game-Changer In The Making?The Kashagan reservoir is about 4,200 m (13,780 ft) below the seabed and has a high pressure of about 11,168 psi, according to operator North Caspian Operating Co. (NCOC). NCOC and partners—Eni, KazMunayGas, Royal Dutch Shell, Total, ExxonMobil, CNPC and Inpex—restarted production in late 2016. By year-end 2017, Kashagan production is set to increase to about 370,000. With transportation infrastructure in place, Johnston said Kashagan could reach up to about 1.8 MMbbl/d without much trouble. “Kashagan on its own could be a global game-changer. An increase of 1 MMbbl/d to 1.5 MMbbl/d in the next year or two could create global crash”
If that is true, why does society continue to see an increasing gain from oil? IE, more vehicles, more miles traveled, etc? Society needs oil to fuel those vehicles and travel those miles. How are we doing that if the oil is not reaching society?pstarr wrote: * We count the oil produced as if it were oil used. It is not used, not for money, capitalistic or social gain.
Cog wrote:Uh building nuclear reactors to produce electricity and saving your oil/gas for export makes a lot of sense in my book if your major export is oil/gas.
Saudi Arabia has an energy problem since they are going down the tight gas hole to meet their energy demand.
Chesapeake has probably never turned a dime on its shale gas. Its debt just keep growing year after year
Shell pulled out completely, and EXXON gave up on the effort
Decline rates are horrific, and capital return rates are almost zero.
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