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Page added on March 6, 2018

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The world has tons of oil left

Geology

The consultancy Rystad Energy has released new estimates of global oil resources that help underscore why the discussion in energy circles has transformed over the last decade from when supplies will peak to when demand will taper off, because there’s lots of oil left and being discovered.

The data: “Rystad Energy estimates that liquid resources from mature assets grew 151 billion barrels over the last four years, which is almost 17% more than the amount produced in those years. This brings the total remaining liquid resource count to 1.227 trillion barrels as of year-end 2017,” they said in a brief report.

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15 Comments on "The world has tons of oil left"

  1. dave thompson on Tue, 6th Mar 2018 2:15 pm 

    This all sounds so magical.

  2. Anonymous on Tue, 6th Mar 2018 4:03 pm 

    Rystad has been doing great work lately. I’m not even (just) trolling you. Really they have been the most accurate estimators lately. Really penetrating insight.

  3. _______..... on Tue, 6th Mar 2018 4:03 pm 

    Loads of excrement are the only things that are growing.

  4. tommywantshismommy on Tue, 6th Mar 2018 4:12 pm 

    Buddy in high school bought a track and the instrument cluster was missing the plastic shield so you could touch the gauges. One day i said…”we need to get gas, you’re almost on E”…he says to me…”no we’re not” and he took his finger and pushed the need from E to F and we laughed. Same thing probably happening here. Just cook the books///its not like anyone can verify it.

  5. MASTERMIND on Tue, 6th Mar 2018 4:13 pm 

    Oil discoveries in 2017 hit all-time low

    https://www.chron.com/business/energy/article/Oil-discoveries-in-2017-hit-all-time-low-12447212.php

    Using more oil than ever and finding less than ever! What is wrong with this picture?

  6. onlooker on Tue, 6th Mar 2018 4:23 pm 

    Much of that oil we will never even try for. The EROEI is too low

  7. dave thompson on Tue, 6th Mar 2018 4:37 pm 

    My question is who benefits from this information?

  8. Sissyfuss on Tue, 6th Mar 2018 5:48 pm 

    If we start measuring oil in tons Boat will become very very confused, more so than usual.

  9. Antius on Tue, 6th Mar 2018 5:48 pm 

    1.227 trillion barrels. At 97 million per day, that’s 34.6 years. Out of a whole oil-age lasting 200 years. I feel so reassured. However enormous the world’s oil supply is, it will never be as large as our appetite for more.

    How much of that oil will be available at prices under $60/barrel? How much of it is tar that has to be dug out of the ground with an earth mover the size of a house? Or pumped out of the ground with constant horizontal drilling and hydraulic fracturing?

    This article is meant to be reassuring. Party on dudes!

  10. Antius on Tue, 6th Mar 2018 6:16 pm 

    About 1 trillion barrels used up to 2005. About 400 billion barrels used in the 12.5 years since. Some 1.227 trillion barrels of proved and probable left over.

    By my half-arsed reckoning that puts us over the halfway point. When will production reach inexorable decline? When the marginal consumer can no longer afford it. That isn’t just about increasing price, it’s about increasing inequality. Inequality itself is a symptom of energy poverty. The rich consume relatively less energy per unit of GDP. Hence, expensive energy and wealth inequality go hand in hand.

  11. Boat on Tue, 6th Mar 2018 6:59 pm 

    Sisfuss,

    Yours truly has been reporting no shortage of oil for close to 5 years right here at peakoil.com. Glad to see the doomers starting to catch up.
    I also predicted no crash since 2013. The world hasn’t even managed a mild recession. 2018…..no collapse, no recession. You blowviate…. I’ll do the predictions.

  12. Brent Georgeson on Tue, 6th Mar 2018 7:10 pm 

    Boat even a broken clock is right twice a day.

  13. Sissyfuss on Wed, 7th Mar 2018 9:16 am 

    There is no w in bloviate, Bozoat. And there is no endless supply of anything on this planet. Except for your unending cornucopian blather.

  14. Cloggie on Wed, 7th Mar 2018 12:29 pm 

    The world has tons of oil left

    That would be 2 ton or more.

    After all it is:

    1 ton
    2 tons
    3 tons

    https://www.youtube.com/watch?v=iSd6-EvBgN4

  15. MASTERMIND on Wed, 7th Mar 2018 1:31 pm 

    Boat

    The Great Depression 1929-1940 US Economic Growth GDP (1%)
    https://en.wikipedia.org/wiki/Great_Depression

    The Great Recession 2006-2017 US Economic Growth GDP (1.5%)
    https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=US

    We only got an economy in a depression that is headed for collapse..You dumbshit hick hillbilly

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