Econ101 wrote:...a lot of changes including spacing, increasing number of frack zones, different mixtures and types of sand and slurry, well bore size, fracking patterns, stacking legs vertically, multi bore holes from the same pad are all contributing to a rapidly rising flow rate initially and over time. The amount of the reserve they are going to recover is rising all the time.
ROCKMAN wrote:... water flooding most likely would be done with existing wells and thus may require little additional drilling. Could be economical at existing or even somewhat lower prices.
ROCKMAN wrote:Thank goodness someone has come up with a new idea on increasing recovery from fractured reservoirs. From 1967:
http://www.onepetro.org/mslib/servlet/o ... d=00001788
Lore wrote:Yet, world oil production remains flat.
Buddy_J wrote:Lore wrote:Yet, world oil production remains flat.
Not according to the front page of this very website, this very morning.
10% increase in crude production since about the time TOD declared peak oil. So much for amateur eggheads, not that I am happy that this kicks the ball back into the court of the EIA and IEA, those of eternal happiness. But the numbers iz da numbers.
Lore wrote:Buddy_J wrote:10% increase in crude production since about the time TOD declared peak oil.
Considering a growth of only 1.9 mbpd since 2005 even with balls-to-the-wall all out effort, I see an increase of only 2.5% since then as rather flat.
Buddy_J wrote:
Lets see. 72 million * 0.95 * 0.95 *0.95 = 61 million barrels a day because of natural, and some would say artificially low decline. But instead, we now have 75 million. So So we replaced not only some 11 million barrels a day in decline, but increased it another 3 on top of it.
So yes, balls to the wall effort, and some damn sizable results. We effectively have found a Saudi Arabia, somewhere, somehow, in just 3 years. Sounds about right, based on the "we need a new Saudi Arabia every 3 years metric".
Is there a mistake in my math somewhere? We do count the always present, never going away, forever happening natural declines don't we? Rockman, can we have a ruling on this one? Is it possible all natural field declines suddenly stopped over the past 3 years, and we only increased global production 10% since the 2009 low, rather than the 23% it would otherwise appear? And are these types of new production increases really what we expect this deep into the post peak world?
ROCKMAN wrote:BTW “TOD” has never declared a date for PO.
ROCKMAN wrote:
For instance consider that pretty EIA chart. What future price of oil are those predictions based upon?
Lore wrote:Buddy_J wrote:
Lets see. 72 million * 0.95 * 0.95 *0.95 = 61 million barrels a day because of natural, and some would say artificially low decline. But instead, we now have 75 million. So So we replaced not only some 11 million barrels a day in decline, but increased it another 3 on top of it.
So, we're just keeping our heads above water is what you're saying?
Lore wrote:We need an estimated 90 mbpd now in production and it's a mystery as to where we're going to find the 62 mbpd for the projected demand of 105 mbpd in the future as need increases and reserves decline.
Lore wrote: The fact that we're finding just enough oil, in an all out expensive effort, is not very encouraging since we're going to need to produce much more to adequately supply near and long term future demands.
Buddy_J wrote:I don't know. What do you consider keeping our heads above water? Certainly with recent news along the lines of something like this, it sure appears that keeping ones head above water means continuing some really counter productive behavior. Either that, or income in certain segments have been growing faster than some of the labor stats have suggested. You would think BAU never ended.
"Automakers finished the first quarter with more than 3.67 million new-car sales, a 6.3 percent gain over the same period in 2012 and a strong start that should see the industry reach more than 15 million by year's end."
Buddy_J wrote:It is always a mystery. Which is why someone really needs to kick out a cost/supply curve so we can really get a feel for how much we are going to pay, and for how much.
Buddy_J wrote:Just enough...otherwise known as a 23% increase in just 3 years. While just enough, I still can't wrap my mind around the amount we are finding, and producing. You might not consider it very encouraging, but someone, somewhere, turned on a new Saudi Arabia and no one appears to have noticed.
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