[Outcast_Searcher]

$this->bbcode_second_pass_quote('marmico', 'Y')ear end 2015 US proved oil reserves declined year over year. The level is about the same as in 1975. The 2016 EIA data should be published shortly.

https://www.eia.gov/dnav/pet/pet_crd_cplc_dcu_NUS_a.htm

https://www.eia.gov/naturalgas/crudeoil ... serves.pdf

[marmico]

$this->bbcode_second_pass_quote('', 'm')ost of that was from reserve revisions.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('marmico', '')$this->bbcode_second_pass_quote('', 'm')ost of that was from reserve revisions.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('StarvingLion', '')$this->bbcode_second_pass_quote('Outcast_Searcher', '')$this->bbcode_second_pass_quote('shortonoil', 'R')eserves are not being replaced, and water cut is increasing. If you can't figure out where that is leading to you need to go back to your game of Pickup Sticks at the local funny farm.

[onlooker]

Outcast and others remain in their fantasy world. Good article here about the diverse considerable limitations of Renewable energy
http://nov79.com/renw.html

[ROCKMAN]

Outcast - The SEC once used the closing oil price on 31 December for reserve determination. Changed a few years ago. Now it uses an average price determined I think monthly. I'm sure Doc can offer details. But the SEC reserve determination only applies to US publicly traded companies. Neither private US companies nor any international companies have their reserves independently audited as US publicly traded companies as far as I know. IOW they are free claim half of what they estimate or 3X as much and no one is in a position to dispute their numbers. They can provide you with maps, production numbers, etc. and you have no way to confirm the accuracy. You're certainly free to not believe them but you have no FACTS available to prove them liars. For I instance I can write an article claiming my horizontal redevelopment project has added 5 million bbls of proven reserves. You can't prove me a liar. And since I work with a private company and claim confidentiality of my trade secrets I don't have to prove sh*t to you.

Nothing personal, buddy. Just good business. LOL.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('ROCKMAN', 'O')utcast - The SEC once used the closing oil price on 31 December for reserve determination. Changed a few years ago. Now it uses an average price determined I think monthly. I'm sure Doc can offer details. But the SEC reserve determination only applies to US publicly traded companies. Neither private US companies nor any international companies have their reserves independently audited as US publicly traded companies as far as I know. IOW they are free claim half of what they estimate or 3X as much and no one is in a position to dispute their numbers. They can provide you with maps, production numbers, etc. and you have no way to confirm the accuracy. You're certainly free to not believe them but you have no FACTS available to prove them liars. For I instance I can write an article claiming my horizontal redevelopment project has added 5 million bbls of proven reserves. You can't prove me a liar. And since I work with a private company and claim confidentiality of my trade secrets I don't have to prove sh*t to you.

Nothing personal, buddy. Just good business. LOL.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('StarvingLion', '
')Outcast_Searchers Fantasy World is not coming to fruition. And never will.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('onlooker', 'O')utcast and others remain in their fantasy world. Good article here about the diverse considerable limitations of Renewable energy
http://nov79.com/renw.html

[ROCKMAN]

Outcast - "...seem to have at least as much weight as following production trends, geology, etc. (at least, to this layman)." And to just beat that dead horse one more time: neither the laymen or the pros have the data. You and I have no way of knowing how much oil is coming out of every Saudi well. Hell, we can't even verify how many wells the KSA has. Hell, how much oil has India reported it has produced that was really Iranian oil produced during the so called embargo? Hell, the most powerful military on the planet couldn't stop ISIS from moving millions of bbls to Turkey and we were free to bomb the sh*t out of them. LOL.

At least in this country if I claim to have drilled X hz wells in that Texas field you can confirm it from the public data base. Likewise with the amount of oil produced. But not the geology or details of how I drilled or completed those wells. I'm not required to provide the Texas Rail Road Commission with that data. Almost no other country has such a publicly available AND VERIFIED data base.

[rockdoc123]

$this->bbcode_second_pass_quote('', 'T')he SEC once used the closing oil price on 31 December for reserve determination. Changed a few years ago. Now it uses an average price determined I think monthly. I'm sure Doc can offer details. But the SEC reserve determination only applies to US publicly traded companies. Neither private US companies nor any international companies have their reserves independently audited as US publicly traded companies as far as I know.

[vtsnowedin]

I think all this argument about replacing reserves is a crock of S### !^. Not withstanding the industries ways of accounting their future prospects. (somebody set the rules and they have to go by them) nobody has ever replaced a reserve once they have pumped out a field. When they say they have replaced reserves all they are saying is that they have found a place and secured the rights to drill in a as yet unexploited area so they know where they will be drilling next year or next decade. That did not create that oil or change the total number of barrels that will in the end be pumped out of the ground.
When oil gets to $300 to $500 a barrel a lot of has been fields today will have a new life as they squeeze out every last drop from them, and all the accounting of their reserves will have to be revised.

[onlooker]

Within this Forbes article, you will find that 2017 graph
https://www.forbes.com/sites/rrapier/20 ... d8ebe124f0

[rockdoc123]

$this->bbcode_second_pass_quote('', 'W')hen they say they have replaced reserves all they are saying is that they have found a place and secured the rights to drill in a as yet unexploited area so they know where they will be drilling next year or next decade.

[vtsnowedin]

$this->bbcode_second_pass_quote('onlooker', ' ')Also, ask yourself why the entire planet is so slow and reluctant to diversify away from FF.

[farmlad]

$this->bbcode_second_pass_quote('', 'T')he fact that everything costs money (i.e. all energy inputs) and the oil industry will not operate if it is not making money is all one needs to know.

[rockdoc123]

$this->bbcode_second_pass_quote('', 'W')ow I had no idea that you oil industry folks were that principled, Do you guys all like live in a monastary? You sure are some saints compared to us farmers. So long as we can keep our hands on the family farm we will farm, we have no idea how to do anything else. So long as the banker keeps forking it out we don't even think about quiting. We will twist and bend the books for him and talk up our greatest plans and If he still refuses to lend more we run up the credit cards.

[Cog]

As near as I can cipher out, by my knowledge of doomer-speak, farmland believe the oil industry is perpetuating some sort of scam on the American people. They know they are broke and instead of doing the logical thing like laying down their drill pipes, shut down their oil production, and go home to die in the dark, they continue the scam by borrowing money. That is my best interpretation of it. This is also pretty much what shorty and the rest of the ETP mafia think about the situation as well.

[onlooker]

Okay, can Doomers and non Doomers agree that we came to rely too much on FF and we are not transitioning fast enough to accommodate in the years to come our modern ways of living

[Cog]

$this->bbcode_second_pass_quote('onlooker', 'O')kay, can Doomers and non Doomers agree that we came to rely too much on FF and we are not transitioning fast enough to accommodate in the years to come our modern ways of living