by rockdoc123 » Mon 27 Aug 2012, 20:32:11
quote]I was quite surprised by this -RockDoc's peakoil type thread, so I sent him a private message asking him the basic questions. [/quote]
I hardly ever look to see if I have a PM. Not sure why you would just not ask the question here in the public forum where everyone could have a go first rather than getting all pissy about being ignored.
$this->bbcode_second_pass_quote('', '-') When do you think peak oil will be?
A few years back I posted a plot that showed based on the best estimates of WoodMackenzie Pathfinder data (back then I had paid access to that data) the timing would be around 2013 – 2015 if all the proposed projects were executed and heavy oil in Venezuela and Canada came on stream on time. This was, however a post made prior to the deep recession and the surge in shale liquid exploration in the US. I said on a number of occasions since then we will have a long bumpy plateau. Saudi Arabia is now getting close to what I suspect you will see from them as a maximum mainly due to infrastructure stress complicated by regular depletion of producing fields. The main projects are done, there isn’t a lot of exploration for oil left to do although there will be additional small finds which will help to offset natural declines in the big fields.
-$this->bbcode_second_pass_quote('', ' ')how does what you say fit in with OF2's large catalogue of oil recent discoveries?
I have applauded OF2 for keeping this database live over the last few years. But there does need to be a sense of reality brought to it. Many of the “reserves” reported in the press are related not to actual discoveries but to anomalies or closures identified on seismic, there is confusion between reserves and resources as well as what the likelihood of reserves being produced are (P1, P2, P3, contingent etc). As an example there has been voluminous press around Rockhoppers wells in the Maldives/Falklands but in reality they have never found anything commercial. I spent the greater part of my career reviewing other parties “reserves” as a means to valuation for A&D activities and even where there have been third party audits there is room for interpretation. The one point that is important to make is it is one thing to make a discovery and entirely another to bring it on stream. I pointed out a number of years ago that the history of West Africa is for a delay of about 10 years or more from discovery to production. Ten years of declines in existing production is volumetrically large which means such delays would only allow for flattening the peak not increasing it.
$this->bbcode_second_pass_quote('', '-') Surely the tiny amount of CO2 in the atmos suggests there is plenty more buried in the ground?
Not sure what you are suggesting here. If it is that there should be a complete balance between CO2 in the atmosphere with CO2 in the subsurface that actually doesn’t make much sense. Carbon is sequestered in many ways, in the soil, plants and a very large volume in carbonates and coals and of course sea water. As well much of the worlds source rocks are immature and have not generated hydrocarbons of any type. As such there would be no reason to think that lower CO2 in the atmosphere means more hydrocarbons in the subsurface as the opposite would also be untrue.
by meemoe_uk » Tue 28 Aug 2012, 06:04:59
$this->bbcode_second_pass_quote('', 't')he timing would be around 2013 – 2015 if all the proposed projects were executed and heavy oil in Venezuela and Canada came on stream on time.
Well did all the proposed projects get executed? Did the heavy oil Venezuela and Canada come on stream on time?
The year you've picked is interesting.
- It fits in with my prediction of an artificial peak ( as early as 2015 ). Like the one in 1980. A world recession will be induced by the international bankers, and oil prices will collapse. Note this recession would be bigger than the hollow media hype ones we've had recently. But still nothing like the US 1930s depression.
- Unfortunately it subscribes to the typical peaker doctrine of
' OMG peak about now! '. Peakers always put in corollaries that say the imminent peak has been delayed because of this recession and that new field.
I haven't seen your history of peak oil predictions. If this has been your only one then OK. But maybe you've done the typical peaker thing of predicting it to happen next year every year for the last 20 years.
$this->bbcode_second_pass_quote('', ' ')But there does need to be a sense of reality brought to it. Many of the “reserves” reported in the press are related not to actual discoveries but to anomalies or closures identified on seismic, there is confusion between reserves and resources as well as what the likelihood of reserves being produced are (P1, P2, P3, contingent etc).
The part of reality you don't mention is the market price of oil. A lot of these field that fail the transition from prospects to commercial fail because the market price is so low. At £4000 a barrel, there'd be a lot more commercial viable fields, enough for another hundred years of increasing oil production I think.
$this->bbcode_second_pass_quote('', ' ')The one point that is important to make is it is one thing to make a discovery and entirely another to bring it on stream. I pointed out a number of years ago that the history of West Africa is for a delay of about 10 years or more from discovery to production. Ten years of declines in existing production is volumetrically large which means such delays would only allow for flattening the peak not increasing it.
This paragraph just suggests to me you are a peaker. You are too focused on the peak. The 10 years delay of today doesn't matter at all long term. Bear in mind the market price can go into the $thousands per barrel. It only matters if you are anticipating a peak round about now and looking for little scraps that off-set the peak a year or two.
CO2 utopia Maybe you haven't read my posts on CO2 in the biosphere. How much CO2 was there in Earth's original atmosphere? The guess I use is 20% at 6 times the current atmospheric density. That's about 3400 times as much as we've got in the atmos today. Most of this has been buried in the ground by ancient plant life, or absorbed by rocks and the oceans.
Commercial green houses today operate at about 1000 to 3000ppm CO2 to maximize plant growth.
The long term goal of fossil fuel burning should be to pump up world atmosphere CO2 to this commercial green house level. Then we can have a CO2 utopia, where wild plant life grows at such a high rate that we don't need fossil fuels anymore, wood would satisfy all our carbon burning needs. Of course there'd be plenty of nuclear power as well if needed.
We think plant life does pretty well in temperate regions around the world now. But 350ppm is actually pretty close to the 180-220ppm starvation limit for many plants.
What I'm saying is the need and peaking of fossil fuels doesn't matter, even for the niche of oil industry products when you can get high CO2 in the atmos.
When we burn fossil fuel it isn't 'lost' as peakers want to believe, its actually 'liberated' to be used and recycled for thousands of years by the biosphere. If it get stuck underground again we can dig it up again.
For the cause, if we run short of fossil fuel, we should continue to mine carbon rocks such as calcium carbonate.
This is a fitting view for a thread "Why we shouldn't worry about end times". There is no end time for carbon, only a new and better beginning. Getting our carbon needs entirely from forests will be a lot cleaner and safer than mining it from the ground.