Oil: when there are more, there are still

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Philippe Schutt
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Oil: when there are more, there are still




by Philippe Schutt » 15/04/08, 10:15

in the news of boursorama today:
A giant oil deposit discovered off Brazil

RIO DE JANEIRO (Reuters) - The Brazilian state oil company Petrobras has discovered with several partners a giant offshore oilfield in Brazil that could, according to the National Petroleum Agency, be the largest global discovery of its kind since 30 years.

The head of the agency, Haroldo Lima, told reporters that the field, discovered with the Spanish partners Repsol and British BG Group and called "Carioca", could contain 33 billion barrels of oil equivalent.

It would also be the largest discovery in Brazil, with reserves five times higher than the recently discovered giant Tupi deposit. The country's prospects for the American and world oil markets would be considerably strengthened.

Petrobras refused to confirm the estimates and indicated that studies on the deposit were continuing.

Rodrigo, Gaiern French version Gilles Guillaume


With that, the speculation is going to be compressed, the price to fall and the consumption to continue to climb, until indeed the methanes of the poles add to the CO2 to well rot the planet. In 2-3 generations we will live under a bell, the outside will be poisoned and too hot anyway.
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by dirk pitt » 15/04/08, 10:51

No panic and mistrust of the announcement effects. the brazilians are customary, as in the announcement of the Tupi deposit last November announced with a production expectation of 4Mb / d when in fact, in the long term, its production is now estimated at 400Kb / d is about 0.5% of world production and a reserve corresponding to 14 weeks of world consumption at best.
So now, they announce the discovery of a deposit so called 5 times bigger .... Suspicion
If it really contains 33Gb, it is very easy to announce a figure without specifying whether it is the reserve in place or the recoverable reserve. I remember that the best recovery rates are of the order of 35%.
And even though 33Gb is the recoverable amount, it will start producing at best in 2015-2017 and will represent about a little over a year of global consumption.
a year of respite, that's all.
Alternatives to oil still have a future.
Voluntarily or forced and forced, the world will have to get rid of its addiction to oil.
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Re: Oil: when there are more, there are still




by bham » 15/04/08, 11:07

Philippe Schutt wrote:With that, the speculation is going to be compressed, the price to fall and the consumption to continue to climb, until indeed the methanes of the poles add to the CO2 to well rot the planet. In 2-3 generations we will live under a bell, the outside will be poisoned and too hot anyway.

Well seen Philippe but given the state of the world economy, I'm not sure that speculation down as much as oil; this has indeed been artificially generated by large investors, regardless of any notion of shortage, demand beyond supply, and especially in the presence of the US financial crisis. We know how it works, a big investor buys oil in quantity and all the others follow. There is a snowball effect or pyramid and the goal is to maintain the financial return generated. What is more, the more your return brings you, the more money you earn, the more you consume but the more you try to make it bear fruit; it is therefore an endless circle. Who's who toast? the less you have, the more you win.
On the other hand, the warming is started, if the consumption of oil does not increase, there will always be that of the coal.
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by Christophe » 15/04/08, 11:18

1) 33 Gb is a reserve or resource? What is an oil equivalent when we talk about oil?

2) Assuming that this is a resource, it only represents 400 days consumption of humanity ... so Mega deposit is quickly said ...
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by dirk pitt » 15/04/08, 11:28

Ben Christophe ....
That's what I said !!
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by jonule » 15/04/08, 11:32

with the barrel at 112 $ in China ...

this discovery should bring down the price no?
and avoid a barrel at 200 $ at the end of the year, right ?!

if it does not happen it is that we really do not care about us?

no ?
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by Hydraxon » 15/04/08, 11:41

Oil prices have long been bullshit because a price that would be subordinated only to extraction costs would not exceed $ 5. Iraq having the record with a possible price of 0,5 $. At current prices, the advantage of Iraq over Saudi Arabia is obviously laughable.
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by Philippe Schutt » 15/04/08, 11:55

Well, we read that consumption is more or less the same as production capacity. there is little margin, and the Gulf countries are not inclined to increase their capacity.

a new production would change the current balance, at least temporarily.
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by Christophe » 15/04/08, 11:57

dirk pitt wrote:Ben Christophe ....
That's what I said !!


Yes, but since when is not allowed to complete the truth? : Cheesy:
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by Remundo » 15/04/08, 12:04

Last Sunday, on Capital, there was a VRP selling lingerie in Saudi Arabia ...

Nothing to see me do, but still funny in the country of the chador where showing his ankle is liable to stoning ...

Except that it was filmed at the time of the full of his big petrol sedan ... 1 Euro for 12 Liters of gasoline... Yes, you read correctly...

All that to go in the direction of Hydraxon ... And in France, there is about 1 Euro tax per Liter ... At this moment, 1,35 Euros / L, 35 cents go to tankers (which have their cost of extraction / prospecting / transport / refining to finance on it, plus their margin ...), and 100 Cts go to the state at no cost.

Some small orders of magnitude to have in mind : Idea:

Hydraxon wrote:Oil prices have long been bullshit because a price that would be subordinated only to extraction costs would not exceed $ 5. Iraq having the record with a possible price of 0,5 $. At current prices, the advantage of Iraq over Saudi Arabia is obviously laughable.
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