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Why is oil getting lighter?
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kiwichick - Intermediate Crude
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Re: Why is oil getting lighter?
by rockdoc123 » Fri 14 Aug 2009, 10:29:52
$this->bbcode_second_pass_quote('', 'I') think the new guy is the winner.
confusion abounds, I'm afraid. Tonne of oil equivalent (TOE) is indeed a measure of energy but Tonne of whatever (whether it be oil or horseradish) is a measure of mass which has a conversion in general to volume (bbls) of somewhere around 7 to 1 (dependant on the density of the oil in question). Although most 'civilized" engineers/geologists refer to oil in barrels the Russians have always used tonnes and have never bothered to change.
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rockdoc123 - Expert
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Re: Why is oil getting lighter?
by HumbleScribe » Fri 14 Aug 2009, 15:51:49
These arguments always happen when I'm out of the office, otherwise I could pick up a copy of the BP Statistical Review, *but*, I'm pretty sure that when BP quote oil figures in tonnes, it's TOE, not tonnes weight, as it feeds into the section at the back where they rank all energy consumption in TOE.
But I could be wrong...
But I could be wrong...
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Re: Why is oil getting lighter?
by TheDude » Fri 14 Aug 2009, 19:29:56
On the primary Energy Consumption by Fuel page, in the notes it states that "Oil consumption is measured in million tonnes; other fuels in million tonnes of oil equivalent." This is a simple enough metric. Other energy sources are listed in mtoe, making a clear distinction between the two measures.
Why barrels and mt are diverging over time is the real question, and a very interesting one at that. Maybe as time goes by we use more decimal places...?...? I'm going to email some of the TOD staff about this; what's your interpretation, rockdoc?
Why barrels and mt are diverging over time is the real question, and a very interesting one at that. Maybe as time goes by we use more decimal places...?...? I'm going to email some of the TOD staff about this; what's your interpretation, rockdoc?
Cogito, ergo non satis bibivi
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And let me tell you something: I dig your work.
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TheDude - Expert
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Re: Why is oil getting lighter?
by rockdoc123 » Sat 15 Aug 2009, 10:57:14
$this->bbcode_second_pass_quote('', 'W')hy barrels and mt are diverging over time is the real question, and a very interesting one at that. Maybe as time goes by we use more decimal places...?...? I'm going to email some of the TOD staff about this; what's your interpretation, rockdoc?
Although I hesitate to comment without benefit of having the data in front of me and understanding the source I suppose it might have something to do with the inclusion of NGLs and condensate in the "liquids" along with oil? Years ago there wasn't as much value in condensate production and the technology for high recoveries has only been with us since the early nineties.
That being said the devil is in the details so we really need to know how the value was arrived at. Few people report in tonnes so there is obviously some conversion going on.
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rockdoc123 - Expert
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