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The Era Of Oil And Gas Is Nearing Its End

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

The Era Of Oil And Gas Is Nearing Its End

Unread postby AdamB » Fri 03 Nov 2017, 11:41:32



The history of crude oil and natural gas is a history of technological innovation. Until recently the innovation supported crude oil and natural gas. Now, it challenges it, causing structural changes in the crude oil and natural gas markets. Originally, crude oil was only used for lighting. This changed following the invention of the internal combustion engine, which outperformed steam engine in power, range and ease of operation and maintenance, and the invention of the conveyor belt, which made it possible to mass-produce the internal combustion engine at a price which was affordable to the masses. Not much later, crude oil became the transportation fuel of choice. The horse drawn carriage was replaced by the car; the locomotive by the diesel train; the steamship by the motor vessel; and the zeppelin by the airplane. For a long time, natural gas was an


The Era Of Oil And Gas Is Nearing Its End
Peak oil in 2020: And here is why: https://www.youtube.com/watch?v=2b3ttqYDwF0
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Re: The Era Of Oil And Gas Is Nearing Its End

Unread postby ROCKMAN » Fri 03 Nov 2017, 15:50:52

The oil and gas era is nearing or at its PEAK.

Just can’t help responding sarcastically to such article. Some folks so despise the petroleum industry (despite rewarding it daily by their consumption) they want to paint it as banging on death’s door. Someday the petroleum industry will go the way of the dinosaurs. But not next year, not next decade and not the next several decades. But eventually it will. But not after most trying to dance on our grave today have reached room temperature themselves. LOL.
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Re: The Era Of Oil And Gas Is Nearing Its End

Unread postby ROCKMAN » Sat 04 Nov 2017, 13:56:11

But let's focus on an area which has definitely not just nearing it end withbrespect to new discoveries but preparing it own epitaph: the offshore GOM. And despite the hyped headline ("BOEM Plans Biggest GOM Lease Sale Ever) the region has passed it prime for developing new production. In fact less acreage may be leased in this sale then any other sale over the last 40 years. The last GOM lease auction saw only 0.7% of the total area offered receiving winning bids. And why is this sale so big: "The new twist is that all available leases in the Western and Central Gulf will be made available rather than offering Central leases in the spring and Western leases in the fall." IOW so little interest is anticipated the two areas were combined.

And was this idea put on the table by President Trump in an effort to keep a campaign promise? No. “This new approach was proposed and offered up by the previous administration. The idea is to make the process more efficient.” Yes, proposed by President Obama, the "greenest" POTUS in history.

And I should explain: every lease block offered in this sale as well as every other sale over the last 10+ years has been offered for lease numerous times before. And not just offered but actually leased, drilled and in hundreds of cases produced. And in many of those cases depleted. Thru 2016 the GOM has produced 23 BILLION bbls and 34 BILLION bbls equivalent of NG. And it is still producing oil at a near record daily rate. And all that from the areas being offered for lease. Which explains the lack of interest: very little UNTESTED potential remains. Even the Deep Water trend is getting a tad mature: over 170 fields with the first producing almost 40 years ago.
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