putting 2 and 2 together when it comes to price
Peak oil is not about how much we have left out there, it is about the timing in which we can retrieve it and how that matches up against worldwide depletion.
BP sees further 2 bln barrels of oil in Alaska field
February 22, 2008: 11:59 AM EST
LONDON, Feb. 22, 2008 (Thomson Financial delivered by Newstex) -- BP PLC said it expects to unearth a further 2 bln barrels of oil at its giant oil fields in Alaska.
BP previously thought the fields, which include the 400,000-barrel-a-day Prudhoe Bay, could only pump up to 9 bln barrels when drilling started in the 1970s.
'That has gone up to 11 bln barrels (a few years ago). Now, we're looking at an extra 2 bln barrels,' said a BP spokesman, adding that this was partly due to new technology which helped the group unlock more resources from the ground.
This will bring the recovery factor to around 70 pct from 60 pct previously, he said, adding that the group continues to drill around 60-70 wells at the site each year.
[...]
BLM decision sets stage for major NPR-A lease sale
Nick Snow
Washington Editor
WASHINGTON, DC, July 17 -- The US Bureau of Land Management issued a record of decision that sets the stage for a major lease sale in the National Petroleum Reserve-Alaska's northeast portion.
Land in the NPR-A's northwest section also will be offered in the sale expected in the fall, the US Department of the Interior agency said on July 16. It said that the acreage, which will become available in the two sections, could result in as much as 8.4 billion bbl of oil being developed.
Several trillion cubic feet of natural gas also might be produced for shipment to markets in the Lower 48 states on pipelines which have been proposed, BLM added.
Officials emphasized that the announcement was not a response to a proposal by US House Democrats last week to require BLM to offer more leases within the NPR-A as an alternative to Congress authorizing leasing on the Arctic National Wildlife Refuge's coastal plain.
"We've been on a track to complete this planning process for some time. We completed this final [environmental impact statement] a month ago and made no secret about making a final decision after the 30 days we were required to wait. I don't think this anything to do with whatever is happening on the Hill," Deputy BLM Director Henri Bisson told reporters during a teleconference.
"This is an opportunity for what we hope will be a major lease sale for land in the northeast NPR-A in October that has not been leased as well as for land in the northwest NPR-A. I think we've achieved a pretty good balance and that most people will be satisfied," he said. The decision includes a 10-year deferral of leasing on land north and east of Teshepuk Lake, Bisson said.
[...]
Tyler_JC wrote:Oil-Finder wrote:Tyler_JC wrote:Why does everyone always turn each discovery into a reserve/consumption ratio?
Dunno. Must be the fashionable thing to do.
You and I know exactly why they do it.
They do it to dismiss the value of any individual reserve.
Just like they dismiss every single alternative energy source because it doesn't fix 100% of the problem and how they dismiss every single action any individual takes because it doesn't solve every single one of society's problem.
And yet all of these small steps added together somehow don't matter.
Apparently in order for the optimists to be right, we have to produce a cornucopia. And if we do, we get called Cornucopians.
This forum is a joke...
If all assumptions were to occur, an additional 36 billion barrels of oil and 137 trillion cubic feet of natural gas would be added over current reserve estimates. This result would help limit oil imports and increase America's energy security.
Tyler_JC wrote: Just like they dismiss every single alternative energy source because it doesn't fix 100% of the problem
Development of these fields should provide production rates of about 900,000 BOPD until about 2015.
MonteQuest wrote:Development of these fields should provide production rates of about 900,000 BOPD until about 2015.
About 1 hour of US daily consumption.
21/24= 875,000 barrels.
Pfft!
Plantagenet wrote:MonteQuest wrote:Development of these fields should provide production rates of about 900,000 BOPD until about 2015.
About 1 hour of US daily consumption.
21/24= 875,000 barrels.
Pfft!
If you think they are going to take oil from ANWR and distribute it and stage it all across the US so they can throw a switch and use it all at the same time during one hour, then you really don't understand how how the US energy system works.
MonteQuest wrote:Plantagenet wrote:MonteQuest wrote:Development of these fields should provide production rates of about 900,000 BOPD until about 2015.
About 1 hour of US daily consumption.
21/24= 875,000 barrels.
Pfft!
If you think they are going to take oil from ANWR and distribute it and stage it all across the US so they can throw a switch and use it all at the same time during one hour, then you really don't understand how how the US energy system works.
LOL! No I don't. LOL! What a hoot!
Plantagenet wrote:Hahahahahah! Exactamentico!
MonteQuest wrote:
Many people think if we just drilled ANWR, we could wean ourselves off the 13.9 mbpd of oil we import..
Plantagenet wrote: You can't get all the energy needed from just one source or even from one kind of energy.
ANWR could produce 1-2 mbpd for a few decades
"TAPS can transport a little over 2 mbpd, and carried about 740,000 bpd last year. Therefore, if we brought ANWR online today, it could at maximum deliver about 1.25 mbpd. But in reality, it would take 8-10 years after approval to begin producing the first of that oil. Furthermore, preliminary estimates by the USGS indicated that ANWR would likely only produce around 750,000 barrels per day at peak."-ASPO
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