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Page added on March 2, 2019

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Peak Oil? What Peak Oil

Geology

We talked about this just a few weeks ago: for investors, how to value a company based on reserves?

Rigzone weighs in.

The article doesn’t answer that question. In fact, the article hardly addresses that question.

Instead, the article is about global reserves in general. Data points:

  • current estimated global oil reserves: 1.7 trillion bbls
  • global demand, about 100 million bbls/day
  • doing the math: 45 years at current demand and no further addition to reserves
  • since 1980, we’ve extracted about 950 billion bbls — let’s call it a trillion bbls — and during that period proven oil reserves have soared by over one trillion bbls
  • why peak-oil production is wrong: the US has had a reported oil supply lifetime (“reserves-to-production” of just 8 – 14 years reported every year since the end of WWII. This suggests we should have run out of oil many decades ago. Yes ,over 50 billion bbls and 12 million bbls/day, proven reserves and total crude oil production are the highest in US history
  • why peak-oil production is wrong: there is little economic incentive to look for resources that will not be needed for many decades
  • global shale and deepwater opportunities are overwhelmingly under-explored but will become more attractive as demand continues to mount
  • most people do not know that 60 – 70 percetn of a reservoir’s OOIP remains stranded after primary and second operations because it is so difficult to extract
  • tertiary recovery — CO2-EOR could be the next oil revolution in the US after shale

By the way, something to think about.

For decades oil companies have said CO2 is not an issue. Now they are changing their story. Sure, they are being forced into political correctness. But didn’t this work out just great? All of a sudden CO2 will be needed for tertiary production.

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Canada 

Relaxing production cuts. Will bring more heavy oil to market just when it’s most needed.

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China

Says massive shale oil reserves found in northern China. Doesn’t amount to a hill of beans, yet, and won’t for decades. But, then again, it will add to global reserves. See first article above.

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Venezuela

Colluding with Russia. Venezuela will move its European headquarters to Moscow.

Back in the USSR, The Beatles
themilliondollarway.blogspot.com



5 Comments on "Peak Oil? What Peak Oil"

  1. Free Speech Message Board on Sat, 2nd Mar 2019 8:34 pm 

    The elites could have attacked Trump for supporting debt, wars, and the police state, but they decided to say Trump was a Russian puppet because Obama and the 1% love debt, wars, and tyranny, too.

  2. Cloggie on Sun, 3rd Mar 2019 6:09 am 

    A sobering story and in essence correct. Peak oil supply is a passed station, not going to happen. The EU, China, US and Japan will take the lead in racing towards peak oil demand, hopefully by the end of the next decade.

    Flew from Holland to southern Spain yesterday. Incredible how much wind capacity Spain has installed since the last time I passed by. In the Pyrenees I saw mountain ridge after mountain ridge with hundreds of turbines each.

    google “spain pyrenees wind turbines” > images

    On top of that I saw many hydro-storage facilities.

    https://en.wikipedia.org/wiki/Wind_power_in_Spain

    Spain 2018 nearly 40% renewable electricity:

    https://renewablesnow.com/news/renewables-share-in-spain-jumps-to-385-in-2018-639859/

    Greetings from a sunny Costa del Sol, with a lovely 22C, crowded with tourarists, so much for Europe being in a “state of collapse”.lol

  3. I AM THE MOB on Sun, 3rd Mar 2019 8:05 am 

    This peak oil..Part two!

    Peak Oil & Drastic Oil Shortages Imminent, Says IEA
    https://cleantechnica.com/2018/11/22/peak-oil-drastic-oil-shortages-imminent-says-iea/

    There will be an oil shortage in the 2020’s, Goldman Sachs says
    https://www.cnbc.com/2018/11/09/goldman-sachs-there-will-be-an-oil-shortage-in-the-2020s.html

    Sleepwalking Into The Next Oil Crisis
    https://www.forbes.com/sites/rrapier/2018/03/23/is-the-world-sleepwalking-into-an-oil-crisis/#6fece29544cf

  4. majece majece on Sun, 3rd Mar 2019 11:16 am 

    By the way, information from https://eduessayhelper.org/blog/university-professors will help you to find out more university professor advices. I must say it’s really interesting

  5. Sissyfuss on Sun, 3rd Mar 2019 11:42 am 

    The article states that the oil companies have been forced by political correctness to change their story on CO2. So now science has atrophied to ideology. Who knew.

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