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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: 3797
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/

Click for Full Text!

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Begin Trace Mode for Comment # 25.

#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  

deleted

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  

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  

#26. To: Cynicom (#25)

Back in the late 60's through the (almost) mid 70's I knew a truck driver who worked for Amoco (my family owned an Amoco service station). This guy drove a truck through the week but he was also a preacher. He earned his living driving the gas truck. A very good, decent and honest man. I knew he would tell me the truth if he knew what it was so I asked him one day about the so-called "gas shortage." He told me how you could tell when all the holding tanks were full--the tanks where the driver fills up their tankers. As I remember, he said that they had hands like a clock and if the hands were straight up and down in the 12 o'clock position it indicated the tanks were full. But at a time when we could have used a couple of trailer loads a week we were only getting one. Bill said there was plenty of gas but they just weren't letting them haul it. I figured at the time when the price went to a dollar a gallon it would open the spigots and you wouldn't hear anymore about a shortage other than from the dupes and true believers. And that is the way it worked out.

James Deffenbach  posted on  2010-03-15 12:24:44 ET  Reply   Untrace   Trace   Private Reply  

Excellent assessment and overview.

Thank you for the kind words.

James Deffenbach  posted on  2010-03-15 12:29:45 ET  Reply   Untrace   Trace   Private Reply  

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