It is great that you are interested in the petroleum industry... maybe you can help find a solution!!! ... my personal thoughts are that the problem is probably 50 years out or so.... it is a supply/demand issue.... if the price of oil is higher there will be more production (from any number of sources) brought on stream.... do not disregard the volumes available through EOR (Enhanced Oil Recovery)... we currently recover less than 30% of OOIP so there is still 70% left... we know where it is and at $50/bbl + it will be possible to economically recover more...
One solution might be to have a series of drill bits connected in a drill through scheme. IE- you get a master drill bit, a smaller drill bit fitted above or inside it, and then an even smaller drill bit inside or above that one. Each drill bit made of progressively harder material that can simply drill through the old bit once that bit has failed or broken.
Whitecrab wrote:
I've heard numbers flying around that the recovery % we make today ranges anywhere from 15-20%, to 40-50%, depending on the source I'm reading. Either way, that suggests there's at least double the oil we expect existing, but that we're unable to access.
markcmyers wrote:Why can't production be ramped up after the halfway point, so that production continues to increase for a time, postponing the decline (which, of course, will be steeper when it comes)?
...that would worsen the steepness of the decline when it happens
...to ramp up production you would use more resources getting at the oil and at some point the amount of resources put into the process would be worth more than the oil you'd be getting in return...
The problem is that either naturally occurring pressure or artificially induced pressure extraction can only go so far.
The main reason for declining production is the lack of new oil field discoveries.
A given field can produce "X" amount of barrels per day.
Add all the producing fields together... that's the maximum extraction rate.
You seem to be saying that Hubbert's curve tracks the number of producing fields times their various maximum extraction rates. This would entail that all fields produce at maximum capacity all the time, or perhaps close to it. Is this true? If not, then there are additional variables underlying Hubbert's curve.
Many factors affect this, but the most important are the extraction rate characteristics of an oil well.
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