BP estimates nearly 60 years of oil left on earth

[Anonymous]

BP estimates nearly 60 years of oil left on earth

Posted by: Zachary Toliver in Energy, Gas, Oil, Opinion, Top Stories June 30, 2014  47 Views


Last week, Shale Plays Media wrote about an article discussing the inconsistencies of the "peak oil" argument. Now, BP is providing their own estimates of global oil reserves. According to a recent article by Motley Fool contributor Matt DiLallo, BP estimates the world has 53.3 years of oil left at current production rates.

The major security for a nearly 60 years of additional petroleum excavation? We can thank the United States shale boom, in particular the Bakken, Eagle Ford, and Permian Basin formations.

The Permian alone has increased 25 billion barrels of estimated recoverable oil and gas since its last analysis just one year ago. However, proponents of peak oil rarely, if at all, include the vast amount of unconventional oil when determining if we, as a society, have reached or gone beyond peak oil production. Although 53.3 years may not seem like much, considering the anticipated demand and population growth we are to expect in the near future, 60 years is quite remarkable.

http://bakken.com/news/id/215835/bp-estimates-nearly-60-years-oil-left-earth/

 

[iwannabeacowboy]

Yep, we're doomed. :roll:


Are you going to sell your truck now to beat the rush?

 

[littlejoe]

Most of the OOIP "original oil in place" is still there.

'Recovery' rates from 10 to 25 % of this is quite common.

"Enhanced Recovery" i.e. getting more of the ooip out is my current hobby.

altho--while waiting on trucks, tests, etc--- I do occasionally pull strings that morons have left dangling on this site. my bad.

 

[hopalong]

YAWANNNNNN

 

[Steve]

Most of the OOIP "original oil in place" is still there.

'Recovery' rates from 10 to 25 % of this is quite common.

"Enhanced Recovery" i.e. getting more of the ooip out is my current hobby.

altho--while waiting on trucks, tests, etc--- I do occasionally pull strings that morons have left dangling on this site. my bad.

a few years ago when peak oil was the liberal rage,.. I did alot of research on recoverable oil and how the US calculates reserves.

basically if the oil is in a place the liberals do not want to drill it isn't counted..

if technology hasn't quite caught up it isn't counted...

so basically most of our oil isn't considered reserves..

Oil reserves are the amount of technically and economically recoverable oil. Reserves may be for a well, for a reservoir, for a field, for a nation, or for the world. Different classifications of reserves are related to their degree of certainty.

The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is only this producible fraction that is considered to be reserves.

and with oil comes natural gas... but envirowackos fight every step towards progress through the courts...

it will not be until prices skyrocket that politicians are forced open up large swaths of this country for extraction.

so energy will always be costly.. and big energy companies will make huge profits because liberals can't seem to figure out economics..

 

[Mike]

And this is "U.S." Oil Reserves?

 

[Traveler]

So if we're running out of oil the libtards can quit whining about global warming.

 

[littlejoe]

to clarify: we ain't outa oil.

we is outa cheap, easy oil.

bakken breakeven was $80 5 yrs ago, when I got disillusioned there. and those costs have not gone down.

healed up from that one with the montney. and then some.

wcsb is still good for bread and butter plays. and ne bc has still gotta have some close to ladyfern type boomers.

 

[Whitewing]

to clarify: we ain't outa oil.

we is outa cheap, easy oil.

^this^

 

[Silver]

to clarify: we ain't outa oil.

we is outa cheap, easy oil.

bakken breakeven was $80 5 yrs ago, when I got disillusioned there. and those costs have not gone down.

healed up from that one with the montney. and then some.

wcsb is still good for bread and butter plays. and ne bc has still gotta have some close to ladyfern type boomers.

If we don't get some pipelines there won't be much point in looking around for it here in NE BC. The company I work for to finance my ranching habit has slowed down drilling to a crawl because there is no way to get rid of the product. Trucking condy all the way to Fox Creek. Every well operator you talk to is fighting high line pressure on a daily basis. It's getting a little depressing.

 

[greybeard]

I believe in the oil sands they only count what is stripped for production as "proven" reserves.
Wasn't long ago oil sands production was considered uneconomic at $40/bbl.

 

[hypocritexposer]

I believe in the oil sands they only count what is stripped for production as "proven" reserves.
Wasn't long ago oil sands production was considered uneconomic at $40/bbl.

and still billions of barrels of untapped in Sask. You guys are sitting on a gold mine.

 

[Steve]

BP estimates nearly 60 years of oil left on earth

let see.. claim we are 'running out of oil...

and then quietly push to "re-open" the sealed well that blew it's gaskets to kingdom come...
if anything that well in the gulf proved there is alot of oil left to get once technology catches up... and with high at pump prices.. the money is rolling in to bankroll those expensive ventures..


(latest scandal isn't running out of oil,.. but not taxing gas at the pump enough to fund wasteful projects and still maintain safe roads.. )

 

[Silver]

We've proven the product is there, we've proven we can get it out of the ground. What we can't seem to do is transport it or refine it. If we can't simplify the process to permit companies to do these things the price at the pumps will continue to climb out of reach.