Oil

Discussion in 'Energy' started by manu1959, Nov 9, 2009.

  1. manu1959
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    manu1959 Left Coast Isolationist

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    USGS Release: 3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate— (4/10/2008 2:25:36 PM)

    interesting link....below is written by a friend...

    about 6 months ago I was watching a news program on oil and one of the Forbes Bros. was the guest. This is out of context, but this is the actual question as asked. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer, how much oil does the U.S. have in the ground." Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read below.


    The U. S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota ; western South Dakota ; and extreme eastern Montana .... check THIS out:

    The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

    'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea..' says Terry Johnson, the Montana Legislature's financial analyst.

    'This sizable find is now the highest-producing onshore oil field found in the past 56 years' reports, The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago.. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

    That's enough crude to fully fuel the American economy for 2041 years straight.
    THAT'S RIGHT. 2,041 YEARS STRAIGHT!!!!
    2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!

    U. S. Oil Discovery- Largest Reserve in the World!
    Stansberry Report Online - 4/20/2006

    Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

    They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:

    - 8-times as much oil as Saudi Arabia
    - 18-times as much oil as Iraq
    - 21-times as much oil as Kuwait
    - 22-times as much oil as Iran
    - 500-times as much oil as Yemen
    - and it's all right here in the Western United States .

    HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

    James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

    Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?
     
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  2. dilloduck
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    dilloduck Gold Member

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    I wasn't aware of the oil that existed but it doesn't suprise me-----I'm guessing the public is a pawn caught between some energy barons that use politics for wealth.
     
  3. xotoxi
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    xotoxi BANNED

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    That's fuckin' AWESOME!!!

    And it's in the MIDDLE of the country so it would be easy to get it from place to place.

    But what happens in 2041 years from now?

    Do we really want to burden our children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children's children with a lack of oil?
     
  4. dilloduck
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    dilloduck Gold Member

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    yes
     
  5. xotoxi
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    xotoxi BANNED

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    That would be like a small creature living on the surface of an orange, and discovering that just a little ways below the peel, there was enough orange juice to last for 100,000,000,000 years!
     
  6. alan1
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    alan1 Red Hot Supporting Member

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    We want global warming to prevent them from experiencing the next ice age.
     
  7. Mr. H.
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    Mr. H. Suppository Member Supporting Member

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    Another Moody Blues fan...
     
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  8. CrusaderFrank
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    CrusaderFrank Platinum Member

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    People! People!

    Where's the respect for all the velicoraptors who died oh so long ago to become this "fossil fuels"?

    Our national energy policy can only be described as Economic suicide. If the next Administration continues this disastrous course we should hit Ctrl Alt Del twice and reboot the government.
     
  9. Old Rocks
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    Old Rocks Gold Member

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    You people are so full of shit and misinformation. The Bakken will never be more than a minor producer. Welcome, but not anything to shout about.

    The Oil Drum | The Bakken Formation: How Much Will It Help?

    If 500 million barrels turns out to be the ultimate recovery, the recovery factor would range from 0.13% to 0.25% of estimated oil in place. This very low percentage recovery of the estimated oil in place is not unreasonable if one considers that many of the more marginal areas of the field are likely to be deemed sub-economic and will never be drilled and produced. Technology improvements that will inevitably be made during an era of high energy prices will undoubtedly render some of this more marginal oil recoverable, but the total recovery is still likely to be low.

    The USGS numbers are notable for their apparent certainty of the size of the undiscovered resources. The p5/p95 ratio is one measure of the spread or uncertainty of a probabilistic estimate. The USGS oil numbers show ratios of 1.2 to 1.9, which is quite surprising. These low ratios imply that the USGS is highly confident in their recoverable resource estimates. One would have thought that a 5X or 10X spread in this ratio would be more plausible considering that 85% to 90% of the resources has not yet been discovered. Perhaps when the detailed report is released, the logic behind this narrow range will be revealed. In the mean time, I remain highly skeptical that such a large resource with an unknown variability of fracture density, porosity, and recovery factor, and other factors, can be quantified with such precision.

    If we could actually produce 3.6 billion barrels of undiscovered oil forecast at the P50 level by USGS, how much would this equate to? The US uses about 7.6 billion barrels of oil products a year, according to EIA data. This is equivalent to just under six month's US oil use, spread over a very long period, probably 20 years or more. If total production amounts to only 500 million barrels, as I have suggested, this would equate to about 23 days worth of United States oil usage, spread over many, many years.

    Looking at future production another way, the recent peak in production has been 75,000 barrels of oil per day (discussed in more detail below). Even if operators are able to triple this amount, the resulting production of 225,000 barrels a day (which would be a considerable challenge), will amount to only about 1.1% of US oil consumption, assuming the US uses about 20.7 barrels of oil a day, based on EIA data.


    If we can reach 225,000 barrels of oil per day, the history of Bakken suggest this level would be short-lived - the peak production will probably last for a year or less - because as we shall see below, total Bakken production can be expected to decline to 50% or less of its peak rate within a few years, because of the steep decline rate of individual wells.
     
  10. Mr. H.
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    Mr. H. Suppository Member Supporting Member

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    O.R., a half billion barrels isn't chump change. "Minor producers" add up. Your quoted article does shed new light on the subject but I don't think it exactly trivializes the project.
     

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