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Re: Massive Oil Deposit could Increase US reserves by 10x
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Besides, this is not normal conventional oil. It would take decades to get any significant production out of this region. And due to the cost of extraction, it can't have any real impact on oil prices since oil prices would have to stay high in order for it to be worth exploiting this oil in the fist place. Andrew
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Ethanol is a fabulous solution to our energy dilemma because it will provide more fuel for us to drive around and look for food. -- Unknown |
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Re: Massive Oil Deposit could Increase US reserves by 10x
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Re: Massive Oil Deposit could Increase US reserves by 10x
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There is not alot of easy to get conventional vertical drilling oil available in this reserve. Here is a very detailed article on the bakken and what it means in the 'big picture' of oil. The Oil Drum | The Bakken Formation: How Much Will It Help? Here are the conclusions of the article: Conclusions 1. The Bakken shale has produced about 111 million barrels of oil during the last 50+ years in Montana and North Dakota. 2. Total Bakken production is still rising, and producing at the rate of 75,000 BOPD in October 2007. 3. Because of the highly variable nature of shale reservoirs, the characteristics of the historical Bakken production, and the fact that per-well rates seem to have peaked, it seems unlikely that total Bakken production will exceed 2x to 3x current rate of 75,000 BOPD. 4. The latest boom in Bakken production is driven by the application of horizontal wells and hydraulic fracturing technology, which has added about 70 million barrels of production in 7 years. Ultimate recovery of the already-drilled wells should be at least double this volume. 5. The USGS estimates the mean volume of technically recoverable hydrocarbons to be 3,649 million barrels of oil. This is roughly 7 to 12 times the size of already known resources. 6. Based on current production and areas likely to be drilled, the USGS estimate of technically recovery resources seems optimistic. 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. Andrew
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Ethanol is a fabulous solution to our energy dilemma because it will provide more fuel for us to drive around and look for food. -- Unknown |
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Re: Massive Oil Deposit could Increase US reserves by 10x
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__________________
"Chaplain Charlie will tell you about how the free world will conquer Communism with the aid of God and a few marines! God has a hard-on for marines because we kill everything we see! He plays His games, we play ours! To show our appreciation for so much power, we keep heaven packed with fresh souls! God was here before the Marine Corps! So you can give your heart to Jesus, but your ass belongs to the Corps! Do you ladies understand?" |
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Re: Massive Oil Deposit could Increase US reserves by 10x
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And as for oil being plentiful and cheap - that was stated precisely the same way, word for word, in the 70s and early 80s. Then prices imploded in the mid 80s and we had another 15 years of cheap and plentiful oil. As for exploring alternative energy sources - we are in rare agreement on that one. ![]()
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"Our fears in Banquo Stick deep; in his royalty of nature Reigns that which would be fear'd: 'tis much he dares; And, to that dauntless temper of his mind, He hath a wisdom that doth guide his valour To act in safety." Macbeth 3:1 |
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Re: Massive Oil Deposit could Increase US reserves by 10x
Well when ever the price of oil skyrockets (happening alot lately) the internet and blogosphere explode with all the claims of new massive reserves, etc...
The thing is all these supposed new finds are not new finds and they have been analyzed ad nauseum by the 'experts' over and over. Part of the price of oil right now is a result of speculation and fear, so people try to bring down the price by re-announcing huge finds... that is what happened with brazil last week and it is now happening with oil shale. But it never works because the major factor causing the current price is good ole supply and demand. Andrew
__________________
Ethanol is a fabulous solution to our energy dilemma because it will provide more fuel for us to drive around and look for food. -- Unknown |
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Re: Massive Oil Deposit could Increase US reserves by 10x
Sorry I wouldn't have made another thread if I knew you already covered this topic. My bad
__________________
"Chaplain Charlie will tell you about how the free world will conquer Communism with the aid of God and a few marines! God has a hard-on for marines because we kill everything we see! He plays His games, we play ours! To show our appreciation for so much power, we keep heaven packed with fresh souls! God was here before the Marine Corps! So you can give your heart to Jesus, but your ass belongs to the Corps! Do you ladies understand?" |
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Re: Massive Oil Deposit could Increase US reserves by 10x
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Andrew
__________________
Ethanol is a fabulous solution to our energy dilemma because it will provide more fuel for us to drive around and look for food. -- Unknown |
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Re: Massive Oil Deposit could Increase US reserves by 10x
Yes unfortunatly they can't see beyond their issue as this find is a good thing.
__________________
"Chaplain Charlie will tell you about how the free world will conquer Communism with the aid of God and a few marines! God has a hard-on for marines because we kill everything we see! He plays His games, we play ours! To show our appreciation for so much power, we keep heaven packed with fresh souls! God was here before the Marine Corps! So you can give your heart to Jesus, but your ass belongs to the Corps! Do you ladies understand?" |
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Re: Massive Oil Deposit could Increase US reserves by 10x
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__________________
"Chaplain Charlie will tell you about how the free world will conquer Communism with the aid of God and a few marines! God has a hard-on for marines because we kill everything we see! He plays His games, we play ours! To show our appreciation for so much power, we keep heaven packed with fresh souls! God was here before the Marine Corps! So you can give your heart to Jesus, but your ass belongs to the Corps! Do you ladies understand?" |
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Re: Massive Oil Deposit could Increase US reserves by 10x
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Re: Massive Oil Deposit could Increase US reserves by 10x
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Andrew
__________________
Ethanol is a fabulous solution to our energy dilemma because it will provide more fuel for us to drive around and look for food. -- Unknown |
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