Oil discoveries dispel "Peak Oil" as myth

[RGR]

I think peak oil is a serious problem, and the US lags behind Europe in preparedness for oil shortages.

If you believe the Church Of Peak, peak oil happened 6 years ago now. Here is one of what I would characterize as the fruitbag contingent sounding the alarm!

Ruppert Says OH NOES! PEAK! EEK!

So...you appear to be under the impression that peak oil will cause oil shortages...why would you believe that? Have you been experiencing shortages in your neighborhood over the last 6 years since peak happened?

 

[ralfy]

Peak oil refers to maximum production rate, not reserves.

It wasn't the "Church of Peak" but the IEA that argued that conventional production peaked in 2005. That's also the reason why we are now more dependent on U.S. shale oil. The EIA argues that that will peak after only a few years.

Finally, one's "neighborhood" <> the world.

 

[Mr. H.]

Peak oil refers to maximum production rate, not reserves.

It wasn't the "Church of Peak" but the IEA that argued that conventional production peaked in 2005. That's also the reason why we are now more dependent on U.S. shale oil. The EIA argues that that will peak after only a few years.

Finally, one's "neighborhood" <> the world.

Negro, enlighten us on volume vs volumetrics.

 

[bripat9643]

LOL.... you read the story, didn't you? What's the total they think they've found? Curiously no mention of that. Yawn.

These "finds" pop up all the time, and every time, "nothing to see here" clowns insist it's evidence of oil abundance. Then, they get pinned down on acknowledging the figures, and they're forced to admit proven reserve totals in the tens of millions, or perhaps 2-3 billion barrels, at best. Every time.

Talk to me when you can allude to a centralized find of proven light crude in excess of 20-100 billion. Because that's what we used to find 2-3 times per year in the 40s, 50s and 60s, and that's what our empire is built upon. And we need to find about 7 "Ghawars" just to maintain stasis, going forward, let alone growth.

*edit* yup, as expected... 280 million barrels. Yawn-tacular.

Preliminary analysis indicates that the Campos Basin has recoverable volumes of 280 million barrels of light oil. Geologically similar reservoirs had already been identified in the Santos Basin by drilling two wells in the Marlin Sul field. These discoveries are a result of the efforts and the modern technology that the company has been using in other production areas.?
​

We use 85 million barrels each and every day. So I guess 3.5 days of new oil is "proof" that "everything is fine, and Hubbert's curve is some "myth".

Do better.

Proven reserves get larger every year, so your theory is obvious horseshit.

 

[ralfy]

LOL.... you read the story, didn't you? What's the total they think they've found? Curiously no mention of that. Yawn.

These "finds" pop up all the time, and every time, "nothing to see here" clowns insist it's evidence of oil abundance. Then, they get pinned down on acknowledging the figures, and they're forced to admit proven reserve totals in the tens of millions, or perhaps 2-3 billion barrels, at best. Every time.

Talk to me when you can allude to a centralized find of proven light crude in excess of 20-100 billion. Because that's what we used to find 2-3 times per year in the 40s, 50s and 60s, and that's what our empire is built upon. And we need to find about 7 "Ghawars" just to maintain stasis, going forward, let alone growth.

*edit* yup, as expected... 280 million barrels. Yawn-tacular.

Preliminary analysis indicates that the Campos Basin has recoverable volumes of 280 million barrels of light oil. Geologically similar reservoirs had already been identified in the Santos Basin by drilling two wells in the Marlin Sul field. These discoveries are a result of the efforts and the modern technology that the company has been using in other production areas.?
​

We use 85 million barrels each and every day. So I guess 3.5 days of new oil is "proof" that "everything is fine, and Hubbert's curve is some "myth".

Do better.

Proven reserves get larger every year, so your theory is obvious horseshit.

The problem isn't reserves but gravity and other physical factors. That's why even with decades' worth of conventional production worldwide we are still resorting to U.S. shale oil.

 

[JiggsCasey]

Proven reserves get larger every year, so your theory is obvious horseshit.

Well, if you raise the price of oil to $300, you can raise (claimed) proven reserves ever higher... Doesn't really say anything about the average consumer being able to buy it, however.

The industry doesn't seem to want to re-examine those "proven" reserve totals with oil closer to $50, now do they?

 

[Vandalshandle]

Why should any of us worry about our seemly infinite demand for a finite resource? Fiddle De De! let our grandkids worry about it!

 

[KissMy]

I think peak oil is a serious problem, and the US lags behind Europe in preparedness for oil shortages.

If you believe the Church Of Peak, peak oil happened 6 years ago now. Here is one of what I would characterize as the fruitbag contingent sounding the alarm!

Ruppert Says OH NOES! PEAK! EEK!

So...you appear to be under the impression that peak oil will cause oil shortages...why would you believe that? Have you been experiencing shortages in your neighborhood over the last 6 years since peak happened?

There were shortages, price spikes, empty gas stations & tanks here over the last 10 years since the 2005 peak.

 

[JiggsCasey]

Gosh, where is our resident tight oil deep throater, RGR?

Kemp: U.S. oil production is probably peaking right now
(according to EIA data)

So, if robust U.S. production growth is all that has kept tepid global growth going, what happens to global flow rates when the U.S. can no longer grow?

Shale oil was always a lie, wasting our water, lowering the value of our oil due to its crappy grade and lower BTU efficiency.

While the EIA's Brent price forecast is largely unchanged, prices for West Texas Intermediate crude have been marked down through the rest of 2015 and 2016, reflecting the build-up of crude stocks and persistent weakness of U.S. grades. The number of rigs drilling for oil has fallen further and faster than was anticipated last year. Baker Hughes reported there were 802 rigs drilling for oil last week, down exactly 50 percent since early October.​

 

[watchingfromafar]

China Aims to Spend at Least $360 Billion on Renewable Energy by 2020

China intends to spend more than $360 billion through 2020 on renewable power sources like solar and wind, the government’s energy agency said on Thursday.

The country’s National Energy Administration laid out a plan to dominate one of the world’s fastest-growing industries, just at a time when the United States is set to take the opposite tack as Donald J. Trump, a climate-change doubter, prepares to assume the presidency.

The agency said in a statement that China would create more than 13 million jobs in the renewable energy sector by 2020, curb the growth of greenhouse gasses that contribute to global warming and reduce the amount of soot that in recent days has blanketed Beijing and other Chinese cities in a noxious cloud of smog.

China surpassed the United States a decade ago as the world’s biggest emitter of greenhouse gasses, and now discharges about twice as much. For years, its oil and coal industries prospered under powerful political patrons and the growth-above-anything mantra of the ruling Communist Party.
China Aims to Spend at Least $360 Billion on Renewable Energy by 2020

2017 China Electric Car Sales Blow World Out Of The Water — BAIC EC-Series Is A Superstar

The rise and rise of the Chinese plug-in electric vehicle (PEV) market is unstoppable, with yet another record performance in December. A total of 102,000 new passenger PEVs were registered last month, up 130% year over year. Yes, that was just December, and it pulled the year-to-date count to over 600,000 units, up 71% compared to 2016.

As consequence of this rapid growth, in December, the PEV share hit a record 3.3% market share of the entire Chinese auto market, while the entire 2017 PEV market share ended at 2.1%. That’s firmly ahead of last year’s score (1.5%) and above the USA (1.2%) and Europe (~1.9%).

The Chinese PEV market represented roughly half of the 1.2 million plug-ins sold worldwide in 2017, while Chinese carmakers made 47% of all PEVs sold last year.
2017 China Electric Car Sales Blow World Out Of The Water — BAIC EC-Series Is A Superstar | CleanTechnica

 

[watchingfromafar]

China's latest energy megaprojects show that coal is really on the way out

Leanna Garfield - May. 9, 2018
China's latest energy megaprojects show that coal is really on the way out"....To improve the country's air quality, the Chinese government vows to spend at least $360 billion on clean energy projects and create 13 million new renewable energy jobs by 2020.

China's latest energy megaprojects — two giant solar farms in Anhui, one of which will go online in May — could get the country closer to that goal.

In late 2017, the country built a massive floating solar farm on top of a former coal mine that had collapsed and flooded.

This year marks China's fourth anniversary since it started a "war on pollution," and there's reason to believe the country is making headway

Looking at over 200 monitors throughout China, a new analysis found that Chinese cities have cut concentrations of fine particulates — often considered the deadliest type of pollution — by 32% on average since 2013.

China is already one of the world's biggest investors in alternative energy sources like solar, wind, and hydropower.

The two new solar farms signal the slow decline of fossil fuels like coal in China and other countries around the world.

**China is one of the biggest countries to make a significant move Away from coal. Last year, the country Cancelled 104 new coal plants that were in development across 13 provinces.**

***TRUMP'S GREAT PLAIN****
Nada
Zero
Zip
live for the moment!!​

 

[westwall]

China Aims to Spend at Least $360 Billion on Renewable Energy by 2020

China intends to spend more than $360 billion through 2020 on renewable power sources like solar and wind, the government’s energy agency said on Thursday.

The country’s National Energy Administration laid out a plan to dominate one of the world’s fastest-growing industries, just at a time when the United States is set to take the opposite tack as Donald J. Trump, a climate-change doubter, prepares to assume the presidency.

The agency said in a statement that China would create more than 13 million jobs in the renewable energy sector by 2020, curb the growth of greenhouse gasses that contribute to global warming and reduce the amount of soot that in recent days has blanketed Beijing and other Chinese cities in a noxious cloud of smog.

China surpassed the United States a decade ago as the world’s biggest emitter of greenhouse gasses, and now discharges about twice as much. For years, its oil and coal industries prospered under powerful political patrons and the growth-above-anything mantra of the ruling Communist Party.
China Aims to Spend at Least $360 Billion on Renewable Energy by 2020

2017 China Electric Car Sales Blow World Out Of The Water — BAIC EC-Series Is A Superstar

The rise and rise of the Chinese plug-in electric vehicle (PEV) market is unstoppable, with yet another record performance in December. A total of 102,000 new passenger PEVs were registered last month, up 130% year over year. Yes, that was just December, and it pulled the year-to-date count to over 600,000 units, up 71% compared to 2016.

As consequence of this rapid growth, in December, the PEV share hit a record 3.3% market share of the entire Chinese auto market, while the entire 2017 PEV market share ended at 2.1%. That’s firmly ahead of last year’s score (1.5%) and above the USA (1.2%) and Europe (~1.9%).

The Chinese PEV market represented roughly half of the 1.2 million plug-ins sold worldwide in 2017, while Chinese carmakers made 47% of all PEVs sold last year.
2017 China Electric Car Sales Blow World Out Of The Water — BAIC EC-Series Is A Superstar | CleanTechnica

Good for them. That way, for once, we get to steal their technology! Win/win!

 

[KissMy]

Saudi is buying Tesla. They know the end of cheap oil is near with EXPLODING Oil Consumption in China, India & Africa.

 

[westwall]

Saudi is buying Tesla. They know the end of cheap oil is near with EXPLODING Oil Consumption in China, India & Africa.

There is now more oil known in reserves underground, than there was for the previous 5 Peak Oil predictions.

 

[KissMy]

Saudi is buying Tesla. They know the end of cheap oil is near with EXPLODING Oil Consumption in China, India & Africa.

There is now more oil known in reserves underground, than there was for the previous 5 Peak Oil predictions.

Expensive to extract tight oil that cost 10 times more.

 

[watchingfromafar]

There is now more oil known in reserves underground, than there was for the previous 5 Peak Oil predictions.

I would really like to believe this; maybe even as much as you would but then reality steps in and washes away that wet dream.

 

[westwall]

There is now more oil known in reserves underground, than there was for the previous 5 Peak Oil predictions.

I would really like to believe this; maybe even as much as you would but then reality steps in and washes away that wet dream.

You should try doing this thing they call "research". It's AMAZING what you can learn! And that is the problem with peak oilers, you seem to live in this flat earther bubble where technology doesn't exist.

The World’s Largest Oil Reserves By Country
Proven oil reserves are those that have a reasonable certainty of being recoverable under existing economic and political conditions, with existing technology.
The World’s Largest Oil Reserves By Country

 

[Manonthestreet]

The Quiet Rise In U.S. Offshore Oil Production

 

[watchingfromafar]

North Sea is running too dry to meet target
Wednesday July 4, 2007
North Sea is running too dry to meet target

The real casus belli: peak oil
Tuesday June 26, 2007
David Strahan: The real casus belli: peak oil

Science Panel Finds Fault With Estimates of Coal Supply
Published: June 21, 2007 Science Panel Finds Fault With Estimates of Coal Supply

Chevron announces that they now have 11.8 years of oil left at current production levels after aquiring Unocal reserves
07/08/05
Foiled Bid Stirs Worry for U.S. Oil

An Oil Enigma: Production Falls Even as Reserves Rise
Published: June 12, 2004
An Oil Enigma: Production Falls Even as Reserves Rise

"The decline of oil and gas will affect the world population more than climate change"
https://tinyurl.com/y9vjsms2

In January 2001, the U.S.
Department of Energy estimated the world's supply of unexploited oil reserves the world supply of oil will be totally exhausted 35 years from now (June 2003).
http://members.aol.com/mpwright9/oil.html

World oil and gas 'running out'
Thursday, October 2, 2003 Posted: 1245 GMT ( 8:45 PM HKT)
https://tinyurl.com/y9vjsms2

The Oil Crunch
Published: May 7, 2004
The question, instead, is when the trend in oil prices will turn decisively upward. That upward turn is inevitable as a growing world economy confronts a resource in limited supply. But when will it happen? Maybe it already has.
The Oil Crunch

Natural gas markets undergo turbulent transition as domestic production declines
Tuesday, December 16, 2003
https://tinyurl.com/ybpe8z7o

"Texas' oil resource is pretty well picked over,"
https://tinyurl.com/y7zcarzf

Oman's Oil Yield Long in Decline, Shell Data Show
Published: April 8, 2004
OMAN'S OIL YIELD LONG IN DECLINE, SHELL DATA SHOW

Half of Texas’s oil wells have dried up in the past 40 years and there are very few new ones.
https://tinyurl.com/y7zcarzf

Tight Oil Supply Won't Ease Soon
Published: May 16, 2004
Two dollars for a gallon of gas? Get used to it. High fuel prices are here to stay, at least for the near future, because no relief is in sight for tight oil supplies.
TIGHT OIL SUPPLY WON'T EASE SOON

The end of the Fossil Fuel era is upon us so what are we going to do next-?

 

[westwall]

North Sea is running too dry to meet target
Wednesday July 4, 2007
North Sea is running too dry to meet target

The real casus belli: peak oil
Tuesday June 26, 2007
David Strahan: The real casus belli: peak oil

Science Panel Finds Fault With Estimates of Coal Supply
Published: June 21, 2007 Science Panel Finds Fault With Estimates of Coal Supply

Chevron announces that they now have 11.8 years of oil left at current production levels after aquiring Unocal reserves
07/08/05
Foiled Bid Stirs Worry for U.S. Oil

An Oil Enigma: Production Falls Even as Reserves Rise
Published: June 12, 2004
An Oil Enigma: Production Falls Even as Reserves Rise

"The decline of oil and gas will affect the world population more than climate change"
https://tinyurl.com/y9vjsms2

In January 2001, the U.S.
Department of Energy estimated the world's supply of unexploited oil reserves the world supply of oil will be totally exhausted 35 years from now (June 2003).
http://members.aol.com/mpwright9/oil.html

World oil and gas 'running out'
Thursday, October 2, 2003 Posted: 1245 GMT ( 8:45 PM HKT)
https://tinyurl.com/y9vjsms2

The Oil Crunch
Published: May 7, 2004
The question, instead, is when the trend in oil prices will turn decisively upward. That upward turn is inevitable as a growing world economy confronts a resource in limited supply. But when will it happen? Maybe it already has.
The Oil Crunch

Natural gas markets undergo turbulent transition as domestic production declines
Tuesday, December 16, 2003
https://tinyurl.com/ybpe8z7o

"Texas' oil resource is pretty well picked over,"
https://tinyurl.com/y7zcarzf

Oman's Oil Yield Long in Decline, Shell Data Show
Published: April 8, 2004
OMAN'S OIL YIELD LONG IN DECLINE, SHELL DATA SHOW

Half of Texas’s oil wells have dried up in the past 40 years and there are very few new ones.
https://tinyurl.com/y7zcarzf

Tight Oil Supply Won't Ease Soon
Published: May 16, 2004
Two dollars for a gallon of gas? Get used to it. High fuel prices are here to stay, at least for the near future, because no relief is in sight for tight oil supplies.
TIGHT OIL SUPPLY WON'T EASE SOON

The end of the Fossil Fuel era is upon us so what are we going to do next-?

Really? You rely on ancient information to push your narrative. How about giving us some more recent reports. They tend to blow your alarmism right out of the water.