Huge oil field discovered

[Q]

I remember this was a topic of discussion a few years ago, but it seems drilling technology has progressed since that time. Very interesting to see if this is at all true, and if so, I wonder how soon Iraq will "all of a sudden" become unimportant.


http://www.nextenergynews.com/news1/next-energy-news2.13s.html

 

[NSXFRIEND]

I remember this was a topic of discussion a few years ago, but it seems drilling technology has progressed since that time. Very interesting to see if this is at all true, and if so, I wonder how soon Iraq will "all of a sudden" become unimportant.


http://www.nextenergynews.com/news1/next-energy-news2.13s.html

Old news, did you hear about Siberia being last oil reserve and guess who will have ownership to that.

 

[NSXrunner]

This was an episode of the Twilight Zone. Guy travels back in time and purchases a plot of land where oil was discovered in the future. Problem is the technology to recover the oil was not available and the guy was hosed. I wonder if they saw that episode. Maybe Rod Serling was on to something? :biggrin:

 

[DrVolkl]

 

[Red]

My buddy is in the Oil Extraction Biz - getting oil out of tricky wells.

He says the US has tons of oil, the problem has been that way long ago it was believed that Natural Gas, which is found with oil was bad and needed to be vented off first - what it really does is create pressure so you can lift the oil out of the wells.

Because American oil companies vented the gas there is tons of "unliftable" oil in the USA since there is no economic way of getting it up - its only new wells in new areas that work.

Just like in Canada, the tar sands could produce massive amounts of oil (we supply most of what the USA uses - it doesn't come from Saudi!) it only works at a certain price per barrel, under that price and its uneconomical.

High prices are because of speculation (derivatives) as well as demand - this may drop prices through perception - which is good.

I just hope it doesn't kill the charge to cleaner, temporarily more expensive alternatives

 

[NCC-1701D]

My buddy is in the Oil Extraction Biz - getting oil out of tricky wells.

He says the US has tons of oil, the problem has been that way long ago it was believed that Natural Gas, which is found with oil was bad and needed to be vented off first - what it really does is create pressure so you can lift the oil out of the wells.

Because American oil companies vented the gas there is tons of "unliftable" oil in the USA since there is no economic way of getting it up - its only new wells in new areas that work.

Just like in Canada, the tar sands could produce massive amounts of oil (we supply most of what the USA uses - it doesn't come from Saudi!) it only works at a certain price per barrel, under that price and its uneconomical.

High prices are because of speculation (derivatives) as well as demand - this may drop prices through perception - which is good.

I just hope it doesn't kill the charge to cleaner, temporarily more expensive alternatives

Got to love it when you live in the province with all that Oil.....