Arctic Holds 100 Billion Bbl Oil In Unexplored Fields

Graeme

Rogozhin

IT's a good thing global warning will allow us to extract all that oil! Razz

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Concerned · Light Sweet Crude Joined: Sep 23, 2004 Posts: 1537

Approx 3.5 years supply at current usage levels. Mmmmm oil.
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mrobert

Plantagenet

TheDude

The Oil Drum | Arctic Oil and Gas Ultimates

By Jean Laherrere.

TheDude

Appetite for Arctic oil rises in line with crude prices

Concerned · Light Sweet Crude Joined: Sep 23, 2004 Posts: 1537

lorenzo · Fission Joined: Jan 01, 2005 Posts: 2192

Okay so that's 10 million barrels a day for 27 years. Fair enough.

However, won't this oil be too expensive to extract? And will it be able to compete with renewable electricity which will power the cars of the very near future?
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vision-master

ROCKMAN

Exactly vision-master. I'm prodrilling when and where it can be done safely and economicly. But when these "experts" throw out such numbers it really irritates me. I know how these numbers are generated but I'll save you from the tedius details. All these unsupported claims do is turn it into a debate about whose expert is smarter.

The way you find out how much oil is there is by drilling. And even then you're only making an educated guess.

No amount of new offshore drilling, regardless of the billions of bo that might be found, will not prevent PO. We began that trip the day Col. Drake drilled that first well. But, it will give us a little more time to make adjustments. My biggest concern is that we may gain a few years on PO but then waste this extra span by not developing serious conservation efforts and alternatives. When Saudi opened the valves in 1986 and dropped oil to $10/bbl the general population along with all the politicians squandered any chance we has to make a smooth transition. I was with Jimmy
Carter and his plan to raise gasoline taxes to force a change in consumption habits (yes...an oil man did vote for Jimmy…we engineers like to stick together).

We'll just have to wait and see if we make the same mistakes again.

peasea · Tar Sands Joined: Jul 26, 2007 Posts: 48

rockman wrote

"We'll just have to wait and see if we make the same mistakes again."

it depresses me greatly that all the evidence to date shows we will........

So is yeast smarter than humans ?

Niagara

How long would it be until the first drop flows? 10-12 years?

And what would the daily output be?

By then, what will be the decline of Ghawar, Cantarell, Burgan, etc. ?

Hmmm.

vision-master

ROCKMAN

Niagara,

There's actually a little oil flowing right now from nearby areas but nothing to write home about.

How long before "significant" volumes flow (if they are actually there)...10 to 12 years isn't a bad guess. But for those unfamiliar with major big engineering projects in harsh environments that's actually pretty fast.

Will opening up such areas change oil pricing now? NO...but that's not the purpose for any new drilling. It's to have an impact on oil prices in 10 or 12 years. Just as projects started 10 years ago are impacting prices today. It may not feel like it but had not drilling expanded in the Deep Water Gulf of Mexico 10 years ago current oil prices would be much higher now.

As has been said before the only quick way to bring oil prices down now would be a drastic mandatory reduction in consumption. And I'm not holding my breath waiting on our politicians to fall on that sword. All other cures for our current circumstances fall within the same 10 to 20 year time frame...or a lot longer.