The Norwegians Have Found More Oil And Gas

Photo: Paal A. Svendsen

The "Deepsea Trym" - Photo: Hydro

The "Deepsea Trym" drilling rig have made a promising discovery of gas and oil just outside the coast of Norway. They think the well can produce 3,150 barrels of oil per day.


They find oil and gas all the time. I don't believe in "Peak oil".

Related News Links:
NA: Stort oljefunn i Nordsjoeen (May 13, 2005) (in norwegian...)
Desire Petroleum Identifies More Targets in North Falkland B (May 12, 2005)
Heavy Oil Potential Key to Alaskan North Slope Oil Future (May 12, 2005)
Sudan Foreign Minister: Oil Exports to Surge to 2M b/d in 2008 (May 11, 2005)

Related ATS-threads:
Just Found 12 Billion Barrels Of Oil On Ill-defined Border

[edit on 2006/4/28 by Hellmutt]

3150 barrels per day.

THe shortfall on the globe will be in the range of millions of barrels per day.

The USA consumes about 19 million barrels per day, the EU 14, and China 9, and China is growing very rapidly.

Peak Oil is about large scale global phenomena. It doesn't say that we will stop discovering new oil completely---it says that the rate of new discovery and especially production will not be enough to counteract the declines in existing major oil fields, and that this will not be reversed.

So far, there is nothing to invalidate this, and lots of recent evidence over the last few years shows that Peak Oil is about to hit imminently.

With Eye On Oil Oversupply, OPEC Mulls Next Move

May 12, 2005

Fickle crude oil prices are forcing the Organization of Petroleum Exporting Countries to keep its options on production policy open ahead of a meeting next month, although the group appears to be increasingly voicing its concerns about oversupply.

"We have not yet decided (on policy)," Purnomo Yusgiantoro, Indonesia's Minister of Energy and Mineral Resources said Thursday. "But there is an overproduction." "As long as the oil price is still high, we'll try to do the best we can. But as we always say, this high oil price is not because of OPEC," Purnomo said on the sidelines of an industry conference in Singapore. He attributed the market's strength partly to "political and psychological effects." Other OPEC officials have also alluded to an excess in oil supply in the past week. "OPEC is (already) at its highest production in history," Qatari Oil Minister Abdullah bin Hamad Al Attiyah said Monday.

"They" don't find oil every day. There is a well documented decline in the rate and size of oil finds over the last decade. And new discoveries do not balance out depletion rate of reserves. You can go spin it every which way that you want. Oil is finite. That is fact. The amount of that finite resource is the only variable that is in question. OPEC's current concerns about overproduction have to do solely with milking a finite resource to maximum economic gain. They know they have a finite supply of oil. They don't want to overproduce it now and flood the market with artificially cheap oil when they can control supply and have more oil to sell at higher prices down the line. That is just plain smart economics. But it really matters little whether the peak is last year, next week, ten years from now, or thirty years. It is a problem, it ought to be addressed.

Discoveries of new reserves will continue to be fewer and less significant. And since these new reserves take on average of a decade to come online, there is still going to be a gap between demand and supply at some point. There simply aren't any Gwahar's left out there to find. Geologists didn't miss anything. There is no significant production of abiotic oil, shale/sand/heavy oils are not going to save us. I fail to see how it is at all difficult to grasp something that any rudimentary petro geology textbook would tell you--namely that light crude oil is a finite resource. We won't get more of it for a few hundred million more years.

RG73 is right. A "find" of 3,000 barrels a day is so inconsequential it's not even worth posting about. Norway produces about 3,000,000 barrels a day. That new field, therefore, is about one tenth of one percent of Norway's production.

Norway's oil depletion rate is something on the order of 5-7% per year -- or about a 150,000 barrel drop every year. Therefore they need to find FIFTY oil fields like the one mentioned in your article EVERY YEAR just to maintain current production rates.

Obviously that's not happening.

A more detailed discussion of North Sea (UK and Norway) oil production declines can be found here: dieoff.org...