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Title: World oil production peaking in 2014 - Kuwait
Source: Fire Earth blog
URL Source: http://feww.wordpress.com
Published: Mar 11, 2010
Author: FE Blogger
Post Date: 2010-03-14 05:37:05 by Tatarewicz
Keywords: None
Views: 4010
Comments: 68

Researchers in the ME oil-producing state of Kuwait expect world oil production to peak in 2014 after they evaluated conventional production in 47 major oil producing countries. They found oil reserves to be dropping by a rate of 2.1%/year.

Tatarewicz: Also see on the same site: Last May's 3.3 earthquake in Texas was likely caused by oil drilling activity.

http://feww.wordpress.com/2009/0...-caused-texas-earthquake/

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Begin Trace Mode for Comment # 24.

#1. To: Tatarewicz (#0)

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Eric Stratton  posted on  2010-03-14   6:22:15 ET  Reply   Untrace   Trace   Private Reply  

The 'Abiotic Oil' Controversy

wudidiz  posted on  2010-03-14   6:30:04 ET  Reply   Untrace   Trace   Private Reply  

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Eric Stratton  posted on  2010-03-14   6:43:21 ET  Reply   Untrace   Trace   Private Reply  

Is this the first you've heard of abiotic oil?

wudidiz  posted on  2010-03-14   7:30:14 ET  Reply   Untrace   Trace   Private Reply  

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Eric Stratton  posted on  2010-03-14   8:03:21 ET  Reply   Untrace   Trace   Private Reply  

"Peak Oil" just means that half of all reserves have been discovered and consumed and that this first half of production was the most easily obtained. Even if this theory is true, it means that there will still be 50 percent of the oil left in the ground in 2014. But the second half will be much more expensive to drill for.

If the abiotic genesis theory is true, why aren't drillers moving back into the East Texas Oil Field to capture what has filled back up in the Woodbine, which was first tapped circa 1930. The Woodbine formation should have had plenty of time to replenish itself by now. If it takes hundreds to thousands of years to do so, abiotic genesis wouldn't do us much good as we'll all be dead long before then.

Sam Houston  posted on  2010-03-14   10:52:38 ET  Reply   Untrace   Trace   Private Reply  

About 80 miles off of the coast of Louisiana lies a mostly submerged mountain, the top of which is known as Eugene Island. The portion underwater is an eerie-looking, sloping tower jutting up from the depths of the Gulf of Mexico, with deep fissures and perpendicular faults which spontaneously spew natural gas. A significant reservoir of crude oil was discovered nearby in the late '60s, and by 1970, a platform named Eugene 330 was busily producing about 15,000 barrels a day of high-quality crude oil.

By the late '80s, the platform's production had slipped to less than 4,000 barrels per day, and was considered pumped out. Done. Suddenly, in 1990, production soared back to 15,000 barrels a day, and the reserves which had been estimated at 60 million barrels in the '70s, were recalculated at 400 million barrels. Interestingly, the measured geological age of the new oil was quantifiably different than the oil pumped in the '70s.

Analysis of seismic recordings revealed the presence of a "deep fault" at the base of the Eugene Island reservoir which was gushing up a river of oil from some deeper and previously unknown source...

Source: New Oil Being Created Today?

James Deffenbach  posted on  2010-03-14   11:25:38 ET  Reply   Untrace   Trace   Private Reply  

Interesting. So I ask again: why have the oil drillers not returned to East Texas to tap into the refilled reservoirs of the Woodbine 3,500 feet below me?

Sam Houston  posted on  2010-03-15   9:45:52 ET  Reply   Untrace   Trace   Private Reply  

So I ask again: why have the oil drillers not returned to East Texas to tap into the refilled reservoirs of the Woodbine 3,500 feet below me?

Let me ask you this. If you owned oil wells or controlled the production of said wells, and you had all you needed, would you automatically tap into reserves? The oil companies are somewhat like the DeBeers cartel with diamonds. They want everyone to believe that the $#it is rare or scarce so they can keep the prices high. But the truth is that diamonds are not scarce and if DeBeers didn't have such a stranglehold on the market it would be a rare thing to see an expensive diamond. Same with oil. It is not scarce but they want people to believe they are going to run out within the next ten years or twenty years (they have been saying this $#it since the early 70's you know). I didn't believe there was any oil shortage in 1973 and I don't believe it now.

James Deffenbach  posted on  2010-03-15   11:42:12 ET  Reply   Untrace   Trace   Private Reply  

#25. To: James Deffenbach (#24)

Let me ask you this. If you owned oil wells or controlled the production of said wells, and you had all you needed, would you automatically tap into reserves? The oil companies are somewhat like the DeBeers cartel with diamonds. They want everyone to believe that the $#it is rare or scarce so they can keep the prices high. But the truth is that diamonds are not scarce and if DeBeers didn't have such a stranglehold on the market it would be a rare thing to see an expensive diamond. Same with oil. It is not scarce but they want people to believe they are going to run out within the next ten years or twenty years (they have been saying this $#it since the early 70's you know). I didn't believe there was any oil shortage in 1973 and I don't believe it now.

James...

Excellent assessment and overview.

Here in the Northeast, thirty years ago, during winter, factories and schools closed becuase we had run out of natural gas. The world would end shortly.

However, lo and behold we could buy LNG from the ME at a stiff price, we were saved. Billions flowed overseas.

So, now all of a sudden billions are being spent to drill natural gas wells here in the northeast and they are all winners. The projections are for the wells in Pa. alone to be able to supply the entire northeast for seventy five years.

I received my first large check as a landowner last week.

By the way, the naysayers are doing their very best to get the drilling stopped.

Cynicom  posted on  2010-03-15 11:51:22 ET  Reply   Untrace   Trace   Private Reply  

So I ask again: why have the oil drillers not returned to East Texas to tap into the refilled reservoirs of the Woodbine 3,500 feet below me?

Let me ask you this. If you owned oil wells or controlled the production of said wells, and you had all you needed, would you automatically tap into reserves? The oil companies are somewhat like the DeBeers cartel with diamonds. They want everyone to believe that the $#it is rare or scarce so they can keep the prices high. But the truth is that diamonds are not scarce and if DeBeers didn't have such a stranglehold on the market it would be a rare thing to see an expensive diamond. Same with oil. It is not scarce but they want people to believe they are going to run out within the next ten years or twenty years (they have been saying this $#it since the early 70's you know). I didn't believe there was any oil shortage in 1973 and I don't believe it now.

DeBeers is a great parallel. Diamonds, it has become apparent, are actually one of the most plentiful of the so-called "precious gems" (Emeralds of over 1 carat are actually many times rarer than diamonds - I lovvvvvvve Emeralds - they are just so awesomely beautiful it is hard to put in words - it is like they replenish you soul). However, by controlling distribution and enforcing it with government collusion and draconian penalties DeBeers has been able to control the market and keep prices artificially high. The same type of Cartel exists with oil only it is not as readily seen because of the illusion of "anti-trust" laws.

Original_Intent  posted on  2010-03-15 13:10:01 ET  Reply   Untrace   Trace   Private Reply  

A long time ago, I worked for an independent oilman who was also a geologist. He was not a part of Big Oil. That's why he was called "independent." If he had thought the East Texas Oil Field was filling back up with crude as fast as it was being pumped to the surface, he would have obtained a drilling permit from the Railroad Commission and gone back into the Woodbine. He was not a part of some conspiracy to keep it off the market.

At that time, the "awl bidness" was booming and so any new discoveries would have been welcomed and would have commanded an at-that-time near-record high price of $30 to $33 per barrel. Right after that, Saudi Arabia flooded the market in a secret agreement with the CIA under William Casey and drove the price below $10 a barrel. This was done to bankrupt the USSR. It also destroyed Texas for a few years. I think they call what happened to us "collateral damage."

A geologist named M. King Hubbert correctly predicted 14 years before it happened the year oil production would peak in the U.S.

Hubbert is most well-known for his studies on the capacities of oil fields and natural gas reserves. He predicted that, for any given geographical area, from an individual oil field to the planet as a whole, the rate of petroleum production of the reserve over time would resemble a bell curve. Based on his theory, he presented a paper to the 1956 meeting of the American Petroleum Institute in San Antonio, Texas, which predicted that overall petroleum production would peak in the United States between the late 1960s and the early 1970s.[4] At first his prediction received much criticism, for the most part because many other predictions of oil capacity had been made over the preceding half century, but these had been based purely on reserve and production, data rather than past discovery trends, and had proven false.[5] Hubbert became famous when this prediction proved correct in 1970.

Sam Houston  posted on  2010-03-15 13:39:50 ET  Reply   Untrace   Trace   Private Reply  

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