Russia Discovers Huge Oil Field

[Weatherman2020]

Is there anyone not swimming in oil right now? Remember when the community organizer said you can't drill your way out of high oil prices?


Russian oil major Rosneft has discovered oil in the Laptev Sea after drilling its northernmost exploratory well on the Eastern Arctic shelf.

The Tsentralno-Olginskaya-1 well was the first well drilled in the Laptev Sea and is located in the Khatanga license area which has water depths of up to 32 meters (105 feet). The company was awarded the license in November 2015 and began drilling in April this year.

The Khatanga field’s resource potential is yet to be confirmed, but seismic studies indicate 114 promising oil and gas-bearing structures, and preliminary estimates are that the sea may have a resource potential of 9.5 billion tons of oil equivalent.

Rosneft Discovers Oil in Laptev Sea

 

[CrusaderFrank]

Um, peak oil?

 

[task0778]

Sounds like the price of gas is going lower and will stay that way, which is good for consumers. It means more money to spend on other things, which is good.

 

[RGR]

Um, peak oil?

Come and gone already, if we are to believe the bloggers, peakers, malthusians and everyone else for fell for it a decade ago, after rewriting the definitions of what "oil" is of course. But with peak demand coming next, who cares if we go from swimming in oil globally to drowning in it...the wife gets back and forth using electricity anyway, so we don't pay much attention to what those little numbers say at the corner jihady support store.

 

[CrusaderFrank]

How many velicoraptors had to die IN THAT EXACT SPOT to make all that oil?