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Texaco admits Peak Oil!!!

General discussions of the systemic, societal and civilisational effects of depletion.

Texaco admits Peak Oil!!!

Unread postby Barbara » Tue 22 Feb 2005, 13:56:42

"The rapid growth in energy demand from Asia coupled with difficulties in accessing oil reserves has also resulted in a new energy equation where the days of cheap oil and gas are numbered"
Dave O'Reilly, chief executive of ChevronTexaco, told a Cambridge Energy Research Associates conference.
"The time when we could count on cheap oil and even cheaper natural gas is clearly ending,"

I'm going to hide in a hole.The dirty thing is going to hit the fan... luckily the fan won't work anymore!

http://www.boston.com/news/world/asia/a ... dding_war/
**no english mothertongue**
--------
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are closer than they appear.
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Unread postby Nano » Tue 22 Feb 2005, 14:06:59

When EXXON admits it, then it will be time for brown, smelly things hitting non-working fans.
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Unread postby shortonoil » Tue 22 Feb 2005, 14:10:34

Just think, you can tell your grandkids;
"Sonny, I remember the year peak oil hit. Think that twas 05"

Well --- that is if we make that far!
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Unread postby BabyPeanut » Tue 22 Feb 2005, 14:13:13

Nano wrote:When EXXON admits it, then it will be time for brown, smelly things hitting non-working fans.

You must mean BP not Exxon.
Exxon has been pretty forthright about the details.
The graph:
Image
is Exxon data.
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Unread postby 2007 » Tue 22 Feb 2005, 14:26:00

yep, but I don't think that Exxon admits to peak. They prefer to see it as an 'enormous challenge'.
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Unread postby stu » Tue 22 Feb 2005, 16:08:03

So will the mass media cover this story or will people just continually moan about high petrol prices?

The latter I guess. :x
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Unread postby BabyPeanut » Tue 22 Feb 2005, 18:16:57

stu wrote:So will the mass media cover this story or will people just continually moan about high petrol prices?

The latter I guess. :x

Don't rule out blaming, blaming, blaming, and more blaming.
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Unread postby basketballjones » Tue 22 Feb 2005, 18:31:41

BabyPeanut wrote:Don't rule out blaming, blaming, blaming, and more blaming.


I couldn't agree more.

The average Joe's inability to understand such a simple concept tied together with their 8 second attention span is the reason that such ignorance will be rampant.

I wish i had a crystal ball for the 2008 elections. Is that one going to be interesting. That is, if our democratic (heh) institutions are still intact at that time.
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hey

Unread postby Cool Hand Linc » Tue 22 Feb 2005, 18:36:08

basketballjones, ain't seen you in a while.

We had a stock fall today as well.

Oil companies will need to step up and admit. Could be considered dishonest or misleading investors to not tell.
Peace out!

Cool Hand Linc 8)
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Unread postby No-Oil » Tue 22 Feb 2005, 19:15:54

Hey the UK government sat on it while the yanks elected a loser, now that loser is sitting on it so his pet prime minister can hopefully get re-elected like he did. Then the news might be allowed out in the light of day, but then again it might not, as its not in their elite backing groups interest !

You decide, me, I'm gonna get my shovel out & dig some slit trenches :)
The roller coaster is still climbing, but it's near the top now !
Where there's a WAR there's a WAY :(
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Unread postby BabyPeanut » Wed 23 Feb 2005, 09:43:15

basketballjones wrote:The average Joe's inability to understand such a simple concept

I saw a Noam Chompsky lecture were he explained that it took a powerful eduction to be able to not see the obvious. How much media and propoganda money is spent on keeping the "average Joe" from understanding anything?
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Re: Texaco admits Peak Oil!!!

Unread postby AdamB » Fri 23 Dec 2016, 21:16:16

Barbara wrote:"The rapid growth in energy demand from Asia coupled with difficulties in accessing oil reserves has also resulted in a new energy equation where the days of cheap oil and gas are numbered"
Dave O'Reilly, chief executive of ChevronTexaco, told a Cambridge Energy Research Associates conference.
"The time when we could count on cheap oil and even cheaper natural gas is clearly ending,"

I'm going to hide in a hole.The dirty thing is going to hit the fan... luckily the fan won't work anymore!

http://www.boston.com/news/world/asia/a ... dding_war/


I found this gem on and thought it worth bringing up to make the point that it wasn't only the peak oiler types who can't prognosticate their way out of a wet paper bag.
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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Re: Texaco admits Peak Oil!!!

Unread postby ROCKMAN » Sat 24 Dec 2016, 00:24:33

pstarr - Actually just the opposite. ExxonMobil is on the verge of the biggest reserve expansion they've experience in years. They and the other Big Oils are not capable of replacing the reserves they produce yearly by drilling. In fact we're probably have become the largest wealth transfer in the oil patch in many years...maybe ever. XOM is acquiring reserves at a lower price then it has for many years. Here a taste of the future for XOM:

Oil major ExxonMobil looks to acquire natural gas producer InterOil Corp. for $2.5 billion - ExxonMobil (ticker: XOM) has made a $2.5 billion all-stock offer for InterOil Corp. (ticker: IOC), a U.S.-listed company with natural gas assets in Papua New Guinea.

The deal marks the first time that ExxonMobil has attempted to make a major corporate acquisition since its $2.6 billion purchase of Celtic Exploration Ltd. in 2013, which expanded the company’s shale assets in Canada.

Many oil companies have been cautious about making acquisitions in today’s markets, with oil prices fluctuating too rapidly for buyers and sellers to agree on a price for assets.

Exxon’s deal is comprised of a payment of $45.00 per share of InterOil, paid in Exxon shares, plus a contingent resource payment (CRP). The number of ExxonMobil shares paid per share of InterOil will be calculated on the volume weighted average price of XOM’s shares over a measuring period of ten days ending shortly before the closing date, according to an IOC press release.

The CRP will be an additional cash payment of approximately $7.07 per share for each Tcfe gross resource certification of InterOil’s Papua New Guinea asset, the Elk-Antelope field, above 6.2 Tcfe—up to a maximum of 10 Tcfe.
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Re: Texaco admits Peak Oil!!!

Unread postby AdamB » Sat 24 Dec 2016, 21:49:28

pstarr wrote:Now in 20015-17 the rest of the world's economies are soon to be destroyed by the peak of all liquids. Ethanol, NGL's, refinery gain didn't save us last time around. Tight-shale certainly won't now. :?


OMG!!! NOT AGAIN!!!!!

First it happened in 2000 according to world renowned geologic experts!

pstarr wrote:Conventional oil production does appear to have peaked in the year 2000.

https://www.fromthewilderness.com/free/ ... ssion.html


and then it happened in 2005!

http://peakoildebunked.blogspot.nl/2005 ... pened.html

and then it happened in 2006!

http://voices.nationalgeographic.com/20 ... economist/

and then in 2008!

http://www.theoildrum.com/node/5177

and then it happened in 2015!

http://peakoilbarrel.com/peak-oil-right-now/

I mean good god when will it END!!!
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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Re: Texaco admits Peak Oil!!!

Unread postby AdamB » Sat 24 Dec 2016, 23:34:12

pstarr wrote:Most of you links (the functional ones, at least) seem to agree. Both peakoilbarrel and geographic put peak around now. Good work AdamB!


Yes! If 2000 is now, sure. Or 2005. Or 2006. Or 2008. But maybe Ron got it right! And now these new guys! Do they teach math to "biologists"? Or just ones that go to schools not specializing in...YOU know....
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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Re: Texaco admits Peak Oil!!!

Unread postby ROCKMAN » Sat 24 Dec 2016, 23:45:37

pstarr - "...links (the functional ones, at least) seem to agree. Both peakoilbarrel and geographic put peak around now." Which must explain the dramatic increase in oil prices all the date obsessed speakers had predicted. Given the record high oil consumption and big decline in drilling activity we might be able to look back in 30+ years are feel confident we did just hit PO.

In the meantime it would appear the DATERS (my new official term for those folks who felt the actual date of PO had some monumental importance. Similar to "birthers") have to explain the coincidence of PO with an oil price and rig count crash...just the opposite of what they predicted.
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Re: Texaco admits Peak Oil!!!

Unread postby AdamB » Sun 25 Dec 2016, 19:54:35

ROCKMAN wrote:In the meantime it would appear the DATERS (my new official term for those folks who felt the actual date of PO had some monumental importance. Similar to "birthers") have to explain the coincidence of PO with an oil price and rig count crash...just the opposite of what they predicted.


You are implying that "daters" ever claimed that geology based supply was related to price...something that I have rarely seen among the "daters" of the world. Certainly Colin Campbell never claimed that price would be the cause of a change in his 1989 peak oil claim/date, and most seemed to refer to price or economics only AFTER a previous claim was discredited by it.
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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