New Oil Reserves vs. Peak Oil

Geomancer · Coal Joined: May 26, 2008 Posts: 4

I believe that oil reserves are increasing and the price increases are created by speculators on Wall Street who are creating an oil price bubble and collapse similar to the sub prime bubble. Here is some evidence:
In April this year, Saudi Arabia's Khursaniyah oilfield began pumping and will soon add another 500,000 bpd to world oil supply of high grade Arabian light crude. In addition, the country's Khurais oilfield development, the largest of Saudi Aramco's projects, will boost the production capacity of Saudi oilfields from 11.3 million bpd to 12.5 million bpd by 2009. Khurais is planned to add another 1.2 million bpd of high-quality Arabian light crude to Saudi Arabia's export capacity.

Brazil's Petrobras is exploiting newly confirmed oil reserves offshore in its Tupi field that could be as great or greater than the North Sea. Petrobras says the new ultra-deep Tupi field could hold as much as 8 billion barrels of recoverable light crude. When online in a few years it is expected to put Brazil among the world's "top 10" oil producers, between Nigeria and those of Venezuela.

The the US Geological Survey (USGS)recently issued a report that confirmed major new oil reserves in an area called the Bakken, which stretches across North Dakota, Montana and south-eastern Saskatchewan. The USGS estimates up to 3.65 billion barrels of oil in the Bakken.

Iraq, is believed to hold oil reserves second only to Saudi Arabia while much of the world has yet to be explored for oil.

I believe that the major problem faced by Big Oil is not finding replacement oil but keeping the lid on world oil finds in order to maintain present exorbitant prices.

Just watch for the recent speculative oil price bubble created by Wall Street manipulators to pop in the near future.

KillTheHumans · Posted: Mon May 26, 2008 2:47 pm Post subject: Re: New Oil Reserves vs. Peak Oil

CrudeAwakening · Intermediate Crude Joined: Jun 28, 2005 Posts: 830

If you are going to directly quote someone... say William Engdahl, who penned those exact words, please attribute accordingly. Anyone can cut and paste.

Thanks.
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mkwin · Intermediate Crude Joined: Jun 01, 2007 Posts: 596

TheDude · Posted: Mon May 26, 2008 3:41 pm Post subject: Re: New Oil Reserves vs. Peak Oil

Good catch, CrudeAwakening. Deja vu.

Anyway your pet example isn't even up and running as you suggest, William.

Saudi Khursaniyah oilfield not pumping yet - Aramco

NorseNomad · Coal Joined: May 23, 2008 Posts: 10

Be a good boy now, and don't rain on people's apocalypse :D Wink

killJOY · Fission Joined: Feb 21, 2005 Posts: 2478 Location: ^NNE^

The lines you've cribbed from Engdahl, the abiotic guy, neglect to take something important into consideration:

UNDERLYING DECLINE RATES!!!!!!!!!

A goddamn oil "reserve" is not a goddamn flow rate!

TWilliam · Light Sweet Crude Joined: Nov 28, 2004 Posts: 1705

PO_TimeCr0ss · Posted: Mon May 26, 2008 4:15 pm Post subject: Re: New Oil Reserves vs. Peak Oil

SILENTTODD · Posted: Mon May 26, 2008 4:21 pm Post subject: Re: New Oil Reserves vs. Peak Oil

Welcome Geomancer. Per your first post, you’re where I was at about 5 years ago when I first stumbled upon the reality of world Peak Oil production. I'm old enough to have come of age during the first oil crisis of 1973 and had always had my ear to the ground on the subject of energy supply. I knew the problem could come back, and boy did it.

Most of your statements are going to be dismissed out right by long time readers of the site, and for good reason. Not even deserving a response. But I'll just point out one below.

AgentR · Posted: Mon May 26, 2008 4:25 pm Post subject: Re: New Oil Reserves vs. Peak Oil

Seconded Killjoy... though without the ..um, colorful language.

Reserves are not particularly meaningful, oil is leaving $100 going to $150 / bbl; what on Earth would producers be waiting for to DELIVER from reserves everything they can.

Oil companies are filled with execs who remember long stretches of very low prices; they probably have lackies running with squeegies to every empty storage barrel and tanker they've got!

No, they're at full throttle; all the reserves in the world can't improve the flow rate, and the flow rate is now less than what people would like to consume at most possible price points.

This isn't the 1900's when someone with a shovel and a hand pump could strike oil; this is an engineering limitation of how long does it take to build facilities that can deliver any meaningful extra flow; and is it even possible to now get the flow rate back ahead of the curve.
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SILENTTODD · Posted: Mon May 26, 2008 4:37 pm Post subject: Re: New Oil Reserves vs. Peak Oil

Geomancer, try and ignore the harsh criticism above. Continue reading on this subject and make your self informed. It's important everyone knows about Peak Oil. Everyone on this site was once where you are now. The difference between ignorance and stupidity, ignorance can be cured.
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killJOY · Fission Joined: Feb 21, 2005 Posts: 2478 Location: ^NNE^

I'm sorry for talking like a dick.

But you see my point.

I hope.

Remember, too, that Deffeyes' calculation for peak takes into account 150 billion barrels of undiscovered oil "to get down the other side of the peak in time."

a lot of these "new" reserves aren't new at all.

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

Actually Silent Todd, I was never like the OP.

I never thought about oil until I stumbled across LATOC. Then I read that a few times, curious but not convinced.

Then, after more thought, I came to the conclusions presented there.

I never went through a "it's BIG OIL f---ing with us" stage of denial and fantasy.

The OP is a DSE type I - "Big Oil"
and DSE type II - "Speculation"
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

like_the_dinosaurs · Posted: Mon May 26, 2008 5:43 pm Post subject: Re: New Oil Reserves vs. Peak Oil

You beat me too it. Nice find the dude!
It's still in recent media too. lol
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