Off-Shore exploration reach 4 Billion $

Discussion in 'Energy' started by ekrem, Apr 22, 2010.

  1. ekrem
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    ekrem VIP Member

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    After investing $4 billion in oil exploration in the Black Sea, the Turkish Petroleum Corporation, or TPAO, has announced potentially significant stores of oil and natural gas that could meet Turkey’s energy needs for decades.

    “We believe there are 10 billion barrels’ worth of producible oil and 3 trillion cubic meters of producible natural gas in the Black Sea,” TPAO general director Mehmet Uysal said Thursday.

    If TPAO could find this much oil or natural gas in the Black Sea, Turkey’s energy needs would be met for the next 40 years, Uysal said. The general director added that TPAO would invest $50 billion to $60 billion if oil production were to start in the Black Sea.

    According to Uysal, TPAO believes there is a significant oil and natural gas potential in the Mediterranean as well.
    (...)
    TPAO's investments in Black Sea reach $4 billion - Hurriyet Daily News and Economic Review


    International Partners in Black Sea exploration are:
    - Chevron
    - BP
    - Petrobras
    - Exxon (down picture is bit old, Exxon not marked)
    LINK: Exxon to enter Black Sea in 2011
    [​IMG]


    Turkish TPAO has also in consortium with BP and Chevron the exploration rights in Georgian part of Black Sea.
     
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  2. Mr. H.
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    Bravo. :thup:
     
  3. Big Fitz
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    oops. peak oil... popped again.
     
  4. Old Rocks
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    Oddly enough, the US Military does not seem to agree with you.
     
  5. Big Fitz
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    ummmmmm.... heh. Is this even worth responding to?
     
  6. Old Rocks
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    US military warns oil output may dip causing massive shortages by 2015 | Business | The Guardian

    The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact.

    The energy crisis outlined in a Joint Operating Environment report from the US Joint Forces Command, comes as the price of petrol in Britain reaches record levels and the cost of crude is predicted to soon top $100 a barrel.

    "By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day," says the report, which has a foreword by a senior commander, General James N Mattis.

    It adds: "While it is difficult to predict precisely what economic, political, and strategic effects such a shortfall might produce, it surely would reduce the prospects for growth in both the developing and developed worlds. Such an economic slowdown would exacerbate other unresolved tensions, push fragile and failing states further down the path toward collapse, and perhaps have serious economic impact on both China and India."
     
  7. Mr. H.
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  8. Big Fitz
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    Oh boy, an article!

    Now let's take a good look at it.

    Which has been the case since 1970 when Earth Day speakers went so far as to predict we'd be out of oil by 1980. Yeah... not so much. What stopped oil flowing then? Politics. What a surprise.

    And why have our local supplies been 'dwindling'? Because of politically based moratoriums on drillling, production and refining in US controlled territory. Once again, politics is the limiter in question. Remove the politics blocking this, and huzzah! and oil will flow more, again.

    Huh... I wonder why the designated experts are disagreeing with the US Armed Forces? Maybe they know something more about it than what the agendas of the USJFC know?

    To me this says bluntly that if there is an economic collapse, THEN we'll have a shortage of sources in which to import oil, leaving us with a severe short term energy crash. This seems more of why they're worried, a 'peak' of secure sources of oil. That's more the goals of the military. Secure resources, then count them in.

    So, I wouldn't take this as proof of anything as much as a warning from the military our energy reserves aren't safe.
     
  9. JiggsCasey
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    Fitz, what's it like having absolutely no idea what you're talking about?...

    10 billion barrels... yeah... the world consumes 85 million barrels and 250 billion cubic meters per day. ... this "find" above represents about 3 months of the stuff.... meanwhile, you're waving your feathers like a big dumb peacock. ... you remind me of Plaxico Burress years ago when he spiked the ball at the 5 yard line, thinking he was in the end zone. ...

    Read a bit more on the topic before pontificating about it.

    once more, with feeling: mankind has not found a significant field of light crude oil anywhere on God's green Earth in over 40 years... a few little ANWRs like this one, but nothing that cracks a dent in our appetite... this despite decades of scouring the planet using ever-improving technology that would make your head spin. ... but of course, geologists and seismological engineers have somehow "overlooked" all these wondrous reserves people like you allude to that are merely "out there, ready to be found if we just pour more money into it." :rolleyes:

    the age of cheap energy is over. ... get used to it, and learn to adjust, .... and for God's sake, learn to apply some critical analysis to rosey news reports out of Turkey that pretend the model of global oil trade can suddenly be contained for just Turkish consumption.

    It's funny watching people like you obfuscate the latest confirmation of peak by a heavyweight entity, this time the Pentagon in its own Joint Operational Environment report above. ... Nevermind that its blatant admission of global peak supply is the same assessment emanating from the Department of Energy, the International Energy Agency, Total Oil, ASPO, the UN, and countless retired petroleum geologists (below) from BP, Shell, Chevron, and on and on. ... Heck, even CERA, long a peak oil denier, has had to change their entire story in recent years.

    [ame]http://www.youtube.com/watch?v=cd7QGbNKxoQ[/ame]

    Please educate yourself... I know it's an inner-battle, and the human condition is hard-wired to gravitate towards "everything is fine" sentiment... but fight through your denial stage. We're over here at acceptance, waiting for you with open arms.
     
    Last edited: May 1, 2010
  10. Big Fitz
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    Blah blah blah....

    And when Earthday 1970 rolled around they 'looked at the math' back then too. And our style of life wasn't possibly sustainable past 1980.

    You Chicken Littles of Peak Oil Doom and the Oludavi Trench just need to get over the fact that you... are and always have been wrong. We have LOT more oil to go, and the only thing stopping us are politics from the left desiring the collapse of western culture and humanity back to the dark ages.

    Your desires serve no one well and do not match with reality because you have NO idea whatsoever what new tech will show up to make extraction easier, or what is possible to find over much of the Earth's Surface. But you don't want to try. You want your primitive society of berries nuts, thatched roofs, disease and mud cuz it's less 'evil' in your mind.
     

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