Oil: when there are more, there are still

[Adrien (ex-nico239)]

I no longer know where I was talking about it but there are 2 drying up: the geological drying up and the economic drying up

Geological drying up does not make much sense in the end compared to the economic ....

Again I no longer know in what subject I asked the question of the economic drying up that I located (in terms of fuel) around 2 € 50 per liter

But current events (I thought it would happen much later) tend to prove that it would be much lower .... which is not without asking many other questions.

No doubt by forcing a little (a lot) we will manage to climb to these 2 € 50 ...

But after (or even before) what happens ???

The problem of economic drying up will arise well before that of geological drying up

Curious that it should not be studied more

[Ahmed]

You are absolutely right and this focus on physical resources is quite revealing of the denial of the fragility of economic construction.
The energy flow finds its correspondence in the monetary flow: if the first slows down, for whatever reason, the second is necessarily impacted. ?? The continuation of our operating model depends on the perpetual growth of these two flows ...
Given the extreme precariousness of the economic balance, it is quite likely that a significant increase in energy prices will be the trigger for the systemic collapse to come (I am obviously not talking about the current increase in fuels).

PS: in "classic" economy, one considers that the quantity of extractable oil is indifferent since by sufficiently increasing the selling price, it will always be possible to find some ... It is on this type of absurd assumptions that rests classical economic "science".

[Adrien (ex-nico239)]

PS: in "classic" economy, one considers that the quantity of extractable oil is indifferent since by sufficiently increasing the selling price, it will always be possible to find some ... It is on this type of absurd assumptions that rests classical economic "science".

Ah as you say it's totally absurd or even "criminal" in terms of anticipation

[moinsdewatt]

EXXON still finds oil in Guyana.
There would be 5 billion barrels to recover.
They forecast 5 FPSO in 2025 and produce 750 b / d

Offshore Guyana Estimate Gets Another Upgrade

by Matthew V. Veazey | Rigzone Staff | Monday, December 03, 2018


Offshore Guyana Estimate Gets Another Upgrade
ExxonMobil reports that it made its 10th discovery offshore Guyana.
Exxon Mobil Corp. reported Monday that it made its 10th discovery offshore Guyana. Moreover, it increased its estimate of the discovered recoverable resource for the South American country's Stabroek Block from more than 4 billion to more than 5 billion oil-equivalent barrels.

The estimate revision stems from further evaluation of previous discoveries and includes a new discovery at the Pluma-1 well, ExxonMobil explained in a written statement emailed to Rigzone.

ExxonMobil has now increased its Stabroek resource estimate twice within the past six months. In July of this year, it reported that it was revising the estimate from 3.2 billion to more than 4 billion oil-equivalent barrels. Given the most recent 5 billion-plus figure, the publicly announced Stabroek estimate has increased by roughly two-thirds since this past summer.

“The discovery of a resource base of more than 5 billion oil-equivalent barrels in less than four years is a testament of our technical expertise and rigorous evaluation and pursuit of high-potential, high-risk opportunities in this frontier area,” noted Neil Chapman, ExxonMobil senior vice president. “We will continue to apply what we've learned to identify additional exploration prospects and potential future discoveries that will delivery significant value to Guyanese people, our partners and shareholders.”

According to ExxonMobil, Pluma-1 encountered approximately 121 feet (37 meters) of high-quality hydrocarbon-bearing sandstone reservoir. The well, which the Noble Tom Madden drillship spud Nov. 1, reached a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water, added the supermajor, which owns a 45-percent interest in the Stabroek Block and serves as operator.

“Guyana is a truly world class investment opportunity with multi billion barrels of additional exploration potential,” noted John Hess, CEO of 30-percent Stabroek owner Hess Corp. “The growing resource base on the Stabroek Block further underpins the potential for at least five FPSOs (floating production storage and offloading vessels) producing more than 750,000 barrels of oil per day by 2025.”
.........

https://www.rigzone.com/news/offshore_g ... 2-article/

[Adrien (ex-nico239)]

If in France this allows to sell the liter of fuel for less than 1.50 for a long time then tutto va bene.

[moinsdewatt]

BP again finds a `` giant '' field of 1 billion barrels in the Gulf of Mexico.

BP just discovered a billion barrels of oil in the Gulf of Mexico


Jan 8 2019 Tom DiChristopher

• BP discovers 1 trillion barrels of oil at its Thunder Horse field in the Gulf of Mexico.
• The oil giant also says it will spend $ 1.3 billion to develop a third phase of its Atlantis offshore field south of New Orleans.
• BP credits its investment in advanced seismic technology for speeding up its ability to confirm the discoveries.

BP's investment in next-generation technology just paid off to the tune of a billion barrels of oil.

The British energy company has discovered 1 trillion barrels of crude at an existing oilfield in the Gulf of Mexico. BP also announced two new offshore oil discoveries and a major new investment in a nearby field.

BP is the Gulf of Mexico's biggest producer, and it's making strides to hold that title.

BP now expects its fossil fuel output from the region to reach 400,000 barrels of oil equivalent per day by the middle of the next decade. Today, it produces about 300,000 boepd, up from less than 200,000 boepd about five years ago.

On Tuesday, the company said it will spend $ 1.3 billion to develop a third phase of its Atlantis field off the coast of New Orleans. Scheduled to start production in 2020, the eight new wells will add 38,000 bpd to BP's production at Atlantis. The decision comes after BP found another 400 million barrels of oil at the field.

BP made the massive 1 billion-barrel discovery at its Thunder Horse field off the tip of Louisiana.

Executives are crediting their investment in advanced seismic technology and data processing for speeding up the company's ability to confirm the discoveries at Atlantis and Thunder Horse. BP says it once would have taken a year to analyze the Thunder Horse data, but it now takes just weeks.

"We are building on our world-class position, upgrading the resources at our fields through technology, productivity and exploration success," Bernard Looney, BP's chief executive for production and exploration, said in a statement.

Just northeast of Thunder Horse, BP also announced new discoveries at fields near its Na Kika platform.

BP says it plans to develop reservoirs at its Manuel prospect, where Shell holds a 50 percent stake. Producers also found oil at the Nearly Headless Nick prospect near Na Kika, where BP has a 20.25 percent working interest.

https://www.cnbc.com/2019/01/08/bp-just ... exico.html

BP: major new projects in the United States and West Africa

Published 09 / 01 / 2019

BP has just made major discoveries and is launching new large offshore projects. TechnipFMC will be there.



Phase 3 of Atlantis involves the construction of an underwater production system associated with eight wells, which will be linked to the existing platform. The project, which should enter into service in 2020, will increase the production of the platform by 38 barrels of oil equivalent / day. (Photo: BP)

https://www.lemarin.fr/secteurs-activit ... afrique-de

[Remundo]

oh great, it'll be 10 more days of global pollution.

[izentrop]

By Bernard Durand, former Director of Geology-Geochemistry at the French Institute of Petroleum and New Energies, former Chairman of the Scientific Committee of the European Association of Geoscientists and Engineers, former Director of the National School of Geology, and Matthieu Auzanneau, Director of the Shift Project, think tank on the energy transition **

The preparation of the recent Multiannual Energy Programming (PPE) has overlooked the question of the sustainability of our future oil supplies. The latest annual report from the International Energy Agency (IEA) nevertheless gives a pessimistic diagnosis concerning the development of world crude production in the next few years. If this diagnosis turns out to be correct, it will have particularly severe consequences for the European Union. There is an additional vital reason, even more pressing than that of the climate, to finally initiate a truly coherent and daring energy transition.

Oil alone provides almost half of the final energy consumed in France. This “blood of our economy” is nonetheless the great forgotten element of public debates on energy (which in fact deals almost only with electricity). The recent debate on PEP was no exception. In response to questions from experts concerned about the future of global oil production, the organizers of the PPE debate responded that, according to the International Energy Agency (IEA), there is no danger in the home.

“Over the past three years, the average number of new approved conventional oil production projects has represented only half the volume needed to balance the market until 2025 (…). Shale oil is unlikely to take over on its own. Our projections already predict a doubling of the supply of American shale oil by 2025, but this should more than triple to compensate for the persistent lack of new conventional projects. (1) "The IEA specifies thatworld conventional oil production "peaked in 2008 at 69 million barrels per day (Mb / d), and has since declined by just over 2,5 Mb / d (2) ".
https://www.larevueparlementaire.fr/art ... -l-energie

[Christophe]

Always be wary of oil forecasts ... the past has already proved it to us ...

[Adrien (ex-nico239)]

Always be wary of oil forecasts ... the past has already proved it to us ...

Correct even if one day the chopper will eventually fall.

But if physical scarcity induces the end of economic oil, it is the latter which remains the most important.

Oil will become unusable because it is too expensive well before the drying up of deposits.

We had already spoken at the time of the GJ crisis ...

At what price per liter of fuel does the company "stop" operating "as before"?
(It is easy to understand, for example, that at 5 € a liter there is a problem.)

This is the question to be answered.

If someone finds docs on it I'm interested.