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hope_full
Heavy Crude
Joined: May 27, 2008
Posts: 254
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 Posted: Sun Jul 13, 2008 6:59 pm Post subject: So, what do you think of Iran's new oil discovery? |
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http://www.news.com.au/business/story/0,23636,24015554-31037,00.html
| Quote: | IRAN says it has discovered a new oil field containing more than one billion barrels of crude.
Oil Minister Gholam Hossein Nozari said the oil field held 1.1 billion barrels of sweet crude oil, of which 233 million coudl be recovered, the Shana news agency reported.
The field was in the area of Andimeshk town in Khuzestan province of southwest Iran that borders Iraq, Mr Nozari said.
Iran is the No.2 producer in OPEC and No.4 worldwide, although its ability to reach oil production targets has been hampered by a lack of international investment.
Production started in February from Iran's biggest onshore oil field, Azadegan, which is estimated to have 42 billion barrels of crude oil. |
I keep reading that there have been "no new discoveries" but doesn't this qualify as a NEW discovery? And is this a significant finding? Does this push back the "big ugly trouble" time a bit? |
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Dan1195
Heavy Crude
Joined: Mar 19, 2005
Posts: 275
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| Posted: Sun Jul 13, 2008 7:18 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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233 million bbls recoverable= 3 days of current world demand
Or about 0.1% the size of Ghawar, if you want to look at it that way. |
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joewp
Light Sweet Crude
Joined: Apr 05, 2005
Posts: 1643
Location: Springsteen Country (NJ)
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| Posted: Sun Jul 13, 2008 7:31 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| hope_full wrote: | | I keep reading that there have been "no new discoveries" but doesn't this qualify as a NEW discovery? And is this a significant finding? Does this push back the "big ugly trouble" time a bit? |
Actually, there are new discoveries all the time, but they're smallish fields that will only add a few days to the world oil supply like Dan1195 pointed out. For forty years total annual discoveries have been declining, and there's no real reason to think that trend will reverse any time soon, since 90% of the planet's likely areas have already been explored. That's way you hear about the outer continental shelf and Alaska and the Arctic so much. Those are just about the only places that haven't been assessed and drilled already. Peak oil means the easy oil is gone and all that's left is the hard to find and extract oil.
World oil discoveries:
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Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1358
Location: Seattle
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| Posted: Sun Jul 13, 2008 7:35 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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223 million barrels is nice but no big deal.
There are far bigger discoveries in my catalog.
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Abundance - what a concept! |
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syrac818
Heavy Crude
Joined: Jun 01, 2005
Posts: 113
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| Posted: Sun Jul 13, 2008 7:48 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| Wow, great catalogue OF2. Thanks for the work. |
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americandream
Fission
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Joined: Oct 18, 2004
Posts: 2097
Location: kiwibush
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| Posted: Sun Jul 13, 2008 8:30 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| OilFinder2 wrote: | 223 million barrels is nice but no big deal.
There are far bigger discoveries in my catalog. |
Psst. You might want to send the catalogue to Matt Simmons. Just a thought.
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Bugger me, I hear oil's runnin out mate! |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1358
Location: Seattle
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| Posted: Sun Jul 13, 2008 9:25 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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^
I doubt he'd look at it. He probably gets a zillion such emails every day.
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Abundance - what a concept! |
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americandream
Fission
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Joined: Oct 18, 2004
Posts: 2097
Location: kiwibush
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| Posted: Sun Jul 13, 2008 10:28 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| OilFinder2 wrote: | ^
I doubt he'd look at it. He probably gets a zillion such emails every day. |
Go on, give it a go. Make the message title eye catching.
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Bugger me, I hear oil's runnin out mate! |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1358
Location: Seattle
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| Posted: Sun Jul 13, 2008 10:33 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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^
You can do it if you want.
Who knows, maybe he pokes in here once in a while and has already seen it.
He probably wouldn't be any more impressed by it than the other peakers here are.
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Abundance - what a concept! |
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joewp
Light Sweet Crude
Joined: Apr 05, 2005
Posts: 1643
Location: Springsteen Country (NJ)
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| Posted: Sun Jul 13, 2008 10:56 pm Post subject: Re: So, what do you think of Iran's new oil discovery? |
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Yeah, because he realized we're screwed. He's not clinging to every billion barrel field of unproven flow rates that there's not enough rigs to drill anyway like you are.
You're going to feel so silly in a year or two or three. 
_________________
Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb |
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KevO
Expert
Joined: May 24, 2005
Posts: 2389
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| Posted: Mon Jul 14, 2008 2:00 am Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| joewp wrote: | Yeah, because he realized we're screwed. He's not clinging to every billion barrel field of unproven flow rates that there's not enough rigs to drill anyway like you are.
You're going to feel so silly in a year or two or three. |
Everybody else thinks they're silly now like 11 year olds that still believe in Santa. All the other kids and the adults laugh at them awaiting for the dawn to break on them and then they'll feel super extra silly and never forgive their parents and eventually become mental tramps.
I give it 6 months before the parks are filled with cornupcians drinking out of brown bags, smelling of p**S and talking to themselves.
So keep humouring them for now
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Concerned
Light Sweet Crude
Joined: Sep 23, 2004
Posts: 1548
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| Posted: Mon Jul 14, 2008 3:35 am Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| KevO wrote: | | joewp wrote: | Yeah, because he realized we're screwed. He's not clinging to every billion barrel field of unproven flow rates that there's not enough rigs to drill anyway like you are.
You're going to feel so silly in a year or two or three. |
Everybody else thinks they're silly now like 11 year olds that still believe in Santa. All the other kids and the adults laugh at them awaiting for the dawn to break on them and then they'll feel super extra silly and never forgive their parents and eventually become mental tramps.
I give it 6 months before the parks are filled with cornupcians drinking out of brown bags, smelling of p**S and talking to themselves.
So keep humouring them for now |
I keep trying to tell my brother this is not something we are going to "turn the corner on" he is heavily into the stock market and even now believes it will make a comeback.
He's been hit VERY HARD but even broke he would stand at the altar of capitalism and markets. Thats how brain washed he is. His loss he attributes all to poor judgement on his behalf.
He does not believe or want to believe the role of energy in our economy nor does he have time for fractional reserve banking and our growth based system required to feed it.
I feel like crying but what do you do I guess he's a martyar for capitalism.
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"Once the game is over, the king and the pawn go back in the same box."
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DoomWarrior
Heavy Crude
Joined: May 06, 2008
Posts: 416
Location: Omicron Ceti 3
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| Posted: Mon Jul 14, 2008 3:45 am Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| Concerned wrote: |
I keep trying to tell my brother this is not something we are going to "turn the corner on" .... he's a martyar for capitalism. |
Yep. Ditto with my bro. It's astonishing (and frightening) how brainwashed a person with the same gene pool can become. |
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MD
Community Manager
Joined: May 02, 2005
Posts: 3524
Location: Oh really?
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| Posted: Mon Jul 14, 2008 3:49 am Post subject: Re: So, what do you think of Iran's new oil discovery? |
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| Dan1195 wrote: | 233 million bbls recoverable= 3 days of current world demand
Or about 0.1% the size of Ghawar, if you want to look at it that way. |
Please everyone please stop converting every new find into "number of days of world consumption." PLEASE.
Production flow rate is all that matters!
-how much at the start of production?
-how much at peak of production?
-how many years of production?
By converting to "3-days supply" you are giving the impression that we can pick up and consume these new fields like a fast-food order, and that's the wrong message!.
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"It's still all about energy!"
Schultz: I see NOTHING! I know NOTHING!
md@peakoil.com |
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Last_Laff
Heavy Crude
Joined: Sep 16, 2006
Posts: 261
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| Posted: Mon Jul 14, 2008 4:59 am Post subject: Re: So, what do you think of Iran's new oil discovery? |
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OF2 is just a joke and Simmons would think too.
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"Panic is not a strategy." - BigTex |
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