Oil Reserves in the U.S. Upped

New Oil finds in the U.S. is there a shortage, here or around the world?

Peak Oil? doesn't seem so.

Massive crude oil deposit found in Argentina - UnitedStates.com ...
Jan 26, 2008 ... Massive crude oil deposit found in Argentina ... Let's not forget that the Brazilians have also discovered a massive oil find as well. ...
http://www.perspectives.com/forums/view_topic.php?id=166738&forum_id=71

Oil companies see big Gulf of Mexico discovery - Oil & energy ...
Sep 6, 2006 ... Major crude discovery in Gulf? Sept 5: NBC's Martin Savidge reports on the implications of a potential new source of oil beneath the Gulf of ...
http://www.msnbc.msn.com/id/14678206/

Brazil reserves soar on new find, Offshore - January, 2008
Brazil reserves soar on new find. Peter Howard Wertheim, Contributing Editor .... North of Campos basin, offshore Espírito Santo state, another three wells ...
http://www.offshore-mag.com/articles/save_screen.cfm?ARTICLE_ID=318223


Planet Ark : New Joint Oil Find May Be Biggest Yet In Brazil
Apr 15, 2008 ... Petrobras also has said previously it sees good prospects for major oil finds in the subsalt areas in the Campos and Espirito Santo basins ...
http://www.planetark.com/dailynewsstory.cfm?newsid=47966&newsdate=15-Apr-2008

Brazil is finding new fields monthly,

http://news.bbc.co.uk/2/hi/business/7086264.stm

May 8th, 2008
The U.S. Geological Survey just published its official results of a groundbreaking study.

Its report confirmed a massive oil reserve in an area the locals have nicknamed the "Bakken," which stretches across North Dakota, Montana and southeastern Saskatchewan.

The new USGS study estimates a whopping 3.65 billion barrels of oil in the Bakken... but here's what they didn't mention:

The reported 3.65 billion barrels of oil mean estimate is for 'undiscovered' oil only, and doesn't include known oil, such as reserves.

In fact, the study reports a 25-fold increase in the amount of oil that can be recovered... compared to the agency's estimate back in 1995.

Discovered over 50 years ago, the Bakken deposit--once impossible to extract--is now being hailed as the single largest oil find in US history.

That's because, today, thanks to breakthrough drilling techniques like horizontal drilling, the Bakken's oil shales can be extracted relatively cheaply.

When that happens, this light, sweet oil will cost Americans just $16 per barrel!

 

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Wanna bet ?

Fit them all into this: http://www.oilposter.org/posterlarge.html

A blip, essentially. Maybe a fairly large one - maybe not.

 

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"technically recoverable" oil is not the same thing as light, sweet crude- far from it. This so-called bakken discovery was the result of new methodology in calculations, not really a discovery at all. Here is a sampling of one objective analysis:

7. The Bakken potential resource, while large by US onshore field standards, will have only a minor effect on US production or imports. Using 2006 US imports and consumption for comparison, the Bakken undiscovered resource of 3,649 million barrels of oil, if subsequently discovered and fully developed, would provide us with the equivalent of six months of oil consumption or 10 months of imports, spread over 20 or more years. In reality, the reserves developed are likely to be many times smaller than this value.

8. The October 2007 production rate of 75,000 BOPD amounts only 0.4% of US oil consumption, or 0.6% of imports.

9. Per-well Bakken production peaked in August 2005 at 116 barrels a day, and was down to 79 barrels a day in October 2007. If the Bakken production history in the 1990s can be used as a guide, the peaking of per-well production may portend a peak in total Bakken production.​

http://www.theoildrum.com/node/3868

 

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Objective by who's standards?

 

Here are the editors:
http://www.theoildrum.com/special/about

Scholars and academics with doctorates and masters degrees in physics, geology, and related fields, not paid by the oil companies.

 

mu brother is on good terms with a professor who used to work in the oil industry so next time i talk to him i ask him to get his proffs opinion on this to see if what your saying is real or just bs

 

Whats the point in arguing? Just agree.

Yes, yes, there is no peak oil. Oil reserves will last forever.

 

We were suppose to run out of oil 10 years ago, it hasn't happened yet, and don't look like it will in the forseeable future, and more and more fields are being found and opened.

Julian Simon's Ghost Haunting Peak Oil
Peak Oilers love to say that "there just aren't any big finds left out there." The logical conclusion then is that oil production will decline. Well, you can't produce oil if you don't look for oil. Exploration has been declining for decades, so why should we not expect declining production? If we actually looked for oil and did so aggressively on a sustained basis, we wouldn't be facing declining production. Technology plays a huge role. The state of the art allows us to look only so many places and only so deep into the earth. Peak Oilers may have a point about our steady state existence, akin to saying we are pedaling as fast as we can on the bicycle. But what if somebody invents a motorcycle? The critical flaw in the Peak Oil theory is that it doesn't account for getting off the bicycle and mounting the motorcycle. As the state of the art in exploration and extraction technology advances, we can drill in more places and look deeper into the earth. If we've previously been constrained at, say, 8000 feet, who's to say what moving that constraint to 20,000 feet will yield us? Maybe nothing or maybe previously unimaginable availability of resource. Very likely it will be somewhere in between.

Well, today comes news about that motorcycle and what it may mean for us. Chevron, Statoil, and Devon have tapped what looks like a monster reservoir at an astounding depth. The implications are enormous, and I'll leave it at that, but suffice to say that the Peak Oil theory has two strikes and human ingenuity seems to still be throwing 95 mph heaters.

 

Just the basic mistake that this oil shale is light, sweet crude is enough to dismiss Baron's report that peak oil has been cancelled. Sure, the high price of oil will drive feverish exploration, but it will only result in depleting the total volume of recoverable oil that much faster. Theoretically recoverable isn't the same as economically recoverable.

 

So essentially, just going broke in a different way?

 

Not necessarily, people will get rich from peak oil, but the economy will suffer.

 

Oh, fuck, stupidity striked again!!! I know you won't get it, but even if it was true, it only means a small part of the world, so it is entirely possible that you find a little extra oil here, but the rest of the world still running out of oil.

Unfortunatelly you are not even right....

Peak oil happened you dumbo back in 2005 May, and even though prices tripled since, the world is not ABLE to produce more....

 

yes i know but since was a geologist involved with the find and extracting of oil i could get a very detailed reasoning on just how unfeasible it is

 

And your expertise is what? Now as to your knowledge or recovery techniques? how many can you name? and how they work? there have been steady advances in drilling technology, and it has made it safer and easier to recover crude oil when and where it is found.

 

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=47738

 

Yes, the United States needs to move toward energy independence. But continued reliance on oil needs to be part of that plan. In just one deep-earth find, the Jack Field in the Gulf of Mexico, Chevron increased by 50% the estimated oil reserves of the United States. How much more oil is there offshore, in Alaska, or at deeper levels than we have yet drilled within the continental United States? The “Deep Trek” project of the U.S. Department of Energy documents that we still have abundant natural gas at deep levels within the continental United States


U.S. Oil Reserves Get a Big Boost
Chevron-Led Team Discovers Billions of Barrels in Gulf of Mexico's Deep Water

By Steven Mufson
Washington Post Staff Writer
Wednesday, September 6, 2006; Page D01

 

I know that new drilling techniques will be employed, but these are not large pools of oil like people found when they first looked for it. That means more time and energy is required to get at these, and the quality is such that it's more difficult to refine, with more impurities and a lower quality product in the end. This was not unexpected or discounted by the peak oil theory.

Also, demand is steadily increasing.

 

you do know it will be years before any of it is capable of hitting the market continuing to use oil and natrual gas for energy is stupid we should move on to cleaner and more renewable resources for energy

 

And if we hadn't allowed the environmentalist to dictate our present energy policy's and built the refineries and drilled the reserves in our own country we wouldn't be in the problems we are in now.

And how many years will it be before the infrastructure can be changed and put in place to utilize these new renewable energy sources, that haven't matured to the level to be able to supply the energy need of today?

I find it interesting that new oil finds are announced monthly, major finds, month after month after month, the major problem in the U.S. is that we haven't built a new refinery since 1976, and have limited the drilling of new wells in known oil fields off the west cost, Florida, the Atlantic Cost, or in this country, we are now importing refined gas from overseas, if we would utilize the known reserves in the U.S. and from off shore sites we have a 160 year cushion to mature alternative energies, and to develop the infrastructure necessary to deliver and utilize those sources, and by switching to nuclear power for electricity we could save billions of gallons of oil used to run the generators that produce our electric power.

 

yeah we would be in a bigger problem