[copious.abundance]

$this->bbcode_second_pass_quote('AirlinePilot', 'O')F,you have posted here many times about total liquids as if that is OIL. Total liquids is NOT oil, yet you continue to barrage these forums with some delusional idea that total liquids increases means something.

Deny that.

[copious.abundance]

This is really funny ... here on this very website on the What is Peak Oil? page, we find a chart showing ... all-liquids production and projections!!



You gotta lot of nerve accusing me of posting information on all-liquids production when this very website does the exact same thing on its "What is peak oil page! In fact, that chart goes even farther than I have and includes natural gas. *shakes head*

[AirlinePilot]

The problem OF is you keep using it (total liquids) as some sort of gauge that we aren't at peak or even near one. By all measures since late 04 we are struggling to increase C&C by very small amounts. You have posted the total liquids chart MANY times and the implication is that all is going to be well. Oil production continues to climb! If you dont THINK you have been doing that then I suggest you rethink your posting style and truly read what others are saying back to you.

Your perceived here as a childish, shrill, troll who seems incapable of grasping what the difference between total liquids are and C&C.

IT MATTERS..no matter how many times you say it doesn't

$this->bbcode_second_pass_quote('AirlinePilot', 'T')he problem OF is you keep using it (total liquids) as some sort of gauge that we aren't at peak or even near one.

$this->bbcode_second_pass_quote('AirlinePilot', 'Y')our perceived here as a childish, shrill, troll who seems incapable of grasping what the difference between total liquids are and C&C.

[ralfy]

Related:

"A Review of the Citigroup Prediction on US Energy"

http://www.theoildrum.com/node/9079

[Plantagenet]

A new study just completed by the Obama Administration indicates that the amount of recoverable oil and gas in the Williston Basin, which underlies North Dakota and bits of several nearby states --- is twice as large as the previous estimate.

US study doubles amount of oil and gas in shale in North Dakota and nearby areas---reserve raised to 7.4 BILLION barrels of recoverable oil

""The United States has double the amount of oil and three times the amount of natural gas than previously thought, stored deep under the states of North Dakota, South Dakota, and Montana, according to new data the Obama administration released Tuesday.
In announcing the new data in a conference call, Interior Secretary Sally Jewell also said the administration will release within weeks draft rules to regulate hydraulic fracturing, technology that has come under scrutiny for its environmental impact but that is essential to developing all of this energy.
“These world-class formations contain even more energy-resource potential than previously understood, which is important information as we continue to reduce our nation’s dependence on foreign sources of oil,” Jewell said in a statement.
The formations, called Bakken and Three Forks, span much of western North Dakota, the northern tip of South Dakota and the northeastern tip of Montana. The last time the United States Geological Survey assessed this area for its oil and gas reserves was in 2008. But that assessment did not include the Three Forks formation, which explains the substantial increase in the estimates. USGS estimates that these two formations together hold 7.4 billion barrels of undiscovered—but technically recoverable—oil and 6.7 trillion cubic feet of natural gas.""

[Buddy_J]

Econ101 is going to have a tough time claiming that North Dakota can produce the 10's or even 100's of billions he has been proclaiming as of late.

[Beery1]

Yeah, all of a sudden, the Bakken has grown its technically recoverable oil reserves. Yeah, right. This is the equivalent of what everyone else in the oil business does to hype their product. I'll believe it when I see it.

[GregT]

Enough oil to last the US for just under 13 months, and enough nat gas for 3 and a half months. I wonder if there is even enough to repair all of the environmental destruction this will cause.

[Plantagenet]

$this->bbcode_second_pass_quote('Beery1', ' ')This is the equivalent of what everyone else in the oil business does to hype their product.

[Buddy_J]

$this->bbcode_second_pass_quote('Beery1', 'Y')eah, all of a sudden, the Bakken has grown its technically recoverable oil reserves. Yeah, right. This is the equivalent of what everyone else in the oil business does to hype their product. I'll believe it when I see it.

[Keith_McClary]

$this->bbcode_second_pass_quote('Beery1', 't')echnically recoverable oil reserves.

[ROCKMAN]

As pointed out it’s 7.4 billion barrels of technically recoverable. Just my WAG but I would guess that’s an underestimate. But the important number is the amount of proven producible oil. A much more difficult number to come up with. First, that number has to be pegged to an assumed price of oil. A conventional field might have 20 million bbls of proven producible oil at $110/bbl but only 5 million bbl at $75/bbl. Such proven reserve increases/decreases on done every year for the reserve base of all US public companies by adjusting govt mandated changes in the assumed price platform. The other difficulty is that in one area of a trend you might need a higher price of oil to create the same volume of proven recoverable oil. In every trend there are sweet spots and sour spots. And until you drill off into those areas you won’t know how to characterize them. I far as this being a “newly discovered” play the locals have known about a large reserve base in the Bakken for half a century. Just took higher prices and some more technology to make it worth chasing. Just like the Eagle Ford in Texas: I could have horizontally drilled and frac’d hundreds of those wells in the 90’s if we had the oil prices we have today. But we didn’t so I didn’t. I drilled and frac’d my first EFS well over 25 years ago…a stinker. As I mentioned before geologists have thousands of prospects sitting in their file cabinets just waiting for oil/NG prices to get high enough to make them viable.

BTW: It is estimated there are $10 trillion of technically recoverable gold in the world’s ocean. All you have to do is figure how to get it out at a profit. Pretty much like

[Pops]

Yeah, "technically recoverable" at $500 or maybe $1,000 a barrel. It's better than a sharp stick in the eye I guess, especially because the prophesied expansion of fraccing to every corner of the world - or even to the Monterey, hasn't quite worked out.

Try running some "technically recoverable" oil through the old Ford and you'll probably be disappointed at the milage you get. LOL


Not to ruin a good buzz but I think I mentioned this last year some time... growth already seems be having a hard time in the Bakken even at this price, not quite the trend we'd like to see to get us to be the worlds largest exporter of oil:




This interview with Steve Kopits is good:
https://docs.google.com/viewer?url=http ... 130429.pdf

.

[ROCKMAN]

Pops - Actually worse the that: "technically recoverable reserves" require no profitability to be so classified. Doesn't matter if half those reserves require $10,000/bbl to be developed. That's why it's a much easier number to estimate. And we need to see where the rig count and production ends up at the end of the summer. From what I read the spring thaw can be a very bad time for ops up there. Sometimes worse than the badest winter days. I figure by August we should have a good profile of the near term future.

[Plantagenet]

$this->bbcode_second_pass_quote(' ', '
')

[Econ101]

double post doubled just like the Bakken!

[Econ101]

The article states the reserves are recoverable with todays technology.

$this->bbcode_second_pass_quote('www.in-forum.com', 'T')he U.S. Geological Survey said Tuesday that the Williston Basin has between 4.4 billion and 11.4 billion barrels of oil that is recoverable with today’s technology.