Interesting news on Saudi and other new oil projects

[tkobo]

The Saudis are due to open a new field and expand one existing field using the "new" technology of side drilling .An additional circa 18billion barrel field expansion and a new circa 27+billion barrel field.These fields have been known about, but deemed too difficult to access,for circa 30+years. One of the fields will produce an estimated additional 1.2million barrels a day.
I havent found an estimate on the second field yet.

Saudi Minister predicts there being another 200 billion barrels of oil in field in saudi yet to be found/accessed.Currently they know about and access about 260 billion barrels in existing fields.

It nows costs Saudi circa $2 to produce a barrel of oil.

The hope to stabilze the sell price of oil at $75 a barrel.

[Lightbringer]

Is that what they mean by "peak oil"?

[The Khan]

Is that what they mean by "peak oil"?

Peak level of spoiled sheikhs enslaving African kids for Camel jockeying.

In other words, your allies.

[CSA Partisan]

Is that what they mean by "peak oil"?

Peak level of spoiled sheikhs enslaving African kids for Camel jockeying.

In other words, your allies.

It's either:

A: the Saudis acting as a counter balance to Iran
B: taking a big risk with non intervention (which I support)
C: Taking over the whole region ourselves.

Damned if we do, damned if we don't. Where's the UN?

[tkobo]

Canada's "new" Alberta oil sands now have made Canada the top foreign supplier of crude to the U.S.
And in case you dont know, Montana and Idaho contain similar oil stock piles not yet developed.

[Ruges]

those same deposits in Idaho and Montana are in Wyoming and Utah.

[tkobo]

I didnt know that.Thanks,Ill have to look and see how big those are.

[Ruges]

Yea I dident know Canada was starting to harvest shale oil. I thought it was still too exspensive. Will be nice when we can start drilling for it.

[tkobo]

Well, sand oil and shale oil are different.The deposits in Alberta are sand oil, which they get by mining,strip mining really.
But yes, theres ALOT of shale oil deposits not being touched yet also.

[sirveri]

Just because you can get it out of the ground doesn't mean it is cost effective to pull that oil out of the ground. Also, it's kind of strange, but it takes oil to get oil out of the ground.

Break even price for oil sand is 35$/bbl.

Which means you won't see any serious exploitation of that source until about 70-80$/bbl.

peak oil is a geological term, it's the point where you hit near 50% depletion which means that most of the pressure has come off the well head and you end up with diminishing returns. It has happened in EVERY oil field. Technology is taking the edge off of it however. It's why the Saudi's are pumping sea water into their fields to keep the output to the same level. The real problem with this approach is that while you can go past peak without getting a serious decline at first, you eventually start to pump water instead of oil, which causes your production levels to fall off a cliff.

Anyhow, the real problem the peak oil doomers talk about isn't the world running out of oil. It will never run out of oil (we simply can't get at all of it). The problem is the price of oil becomming so expensive that nobody can afford to use it. Anyone remember what happened to the economy when we saw ~200$/bbl oil? People have to buy fuel to get to work, so when that price rises they stop buying things they don't need unless they have a corresponding wage increase (which can't happen because their employers are also having to pay higher energy costs).

I actually really liked playing 2010 for this feature. I could sell oil for an astronomical price because I was the only one who would sell the product to Europe. It's monopoly economics in that case, and I can charge whatever price I feel like.

[The Khan]

I actually really liked playing 2010 for this feature. I could sell oil for an astronomical price because I was the only one who would sell the product to Europe. It's monopoly economics in that case, and I can charge whatever price I feel like.

I used to do that then I felt like a spoiled oil sheikh that would eat oily rice with his bare hands, so I keep oil prices mostly at 200$, like a post-collapse scenario. So I don't have golden taps on my presidential limousine, only chrome-nickel taps that give away bourbon and limitless tuna fish sandwiches.

[tkobo]

http://www.energy-daily.com/reports/Chi ... 9_999.html
18 percent increase aimed for.

[tkobo]

Dr. Schmid: The production cost of oil from the actual oil sands, where
the oil sand is mined and then separated, is between C$12 and C$15.

This qoute by the way, is by HORST A. SCHMID ,President & CEO of Deep Well Oil & Gas, Inc.
This is one of the major companies working the Alberta oil sands area.

This reduction in production cost is not only due to better tech, but to better management, as a switch to some of the largest power shovels (100 tons) and dump trucks (400 tons) in the world has greatly reduced production costs.

[tkobo]

http://www.bloomberg.com/apps/news?pid= ... refer=home

http://www.ghanaweb.com/GhanaHomePage/N ... ?ID=155906

http://www.bloggingstocks.com/2009/01/2 ... oil-finds/

http://www.bizjournals.com/houston/stor ... aily9.html

http://www.youroilandgasnews.com/news_i ... wsID=23266

http://www.highbeam.com/doc/1P2-15994942.html

[tkobo]

http://www.norwaypost.no/content/view/21716/26/



Finding of oil deposits becomes easier.
http://www.physorg.com/news154965701.html