Production in the world's 2 largest oil fields rapidly coming to an end

Originally posted by pai mei
Russia's oil is finite too. I do not believe the abiotic endless oil theory.

That would be logical if you don't so no need to tells us about what you think about abiotic oil.

They would not destroy Alberta in Canada, and consume massive amounts of natural gas and water to get the oil out of those tar sands if they could just drill deeper

'They' would do anything they like if the profits were right and given that tar sands production were profitable at 30 USD ranges it's no surprise that it would draw investment.

www.bloomberg.com...

March 27 (Bloomberg) -- Russian oil output may fall this year for the first time in a decade as the world's second-biggest supplier struggles with rising costs and harder-to-reach fields, Natural Resources Minister Yuri Trutnev said.

But there's one place -- Russia -- where reserve estimates just seem to go up and up. In its annual statistical survey of world energy, BP PLC (BP ) has recently revised its estimates of Russia's total proven oil reserves to 69.1 billion barrels, 6% of the world's total, up from 45 billion bbl. in 2001. But according to auditors with a worm's-eye view of what's actually going on in the depths of Siberia, such estimates may just scratch the surface of Russia's real potential. According to a recent study by Dallas-based energy reserve auditors DeGolyer & MacNaughton, whose clients include leading Russian energy companies such as Gazprom and Yukos, Russia's true recoverable reserves are between 150 billion bbl. and 200 billion bbl. That's up from industry estimates of 100 billion bbl. a few years ago.

Why such a big gap in the estimates? Because it's one thing to be sitting on oil reserves, another to be able to exploit them commercially. In Russia's main oil-producing region in western Siberia, proven reserves represent just 18% to 24% of all oil in the ground, in contrast to about 45% in Western oil-producing regions such as Alaska and the North Sea. But as Russian oil companies adopt technologies, such as horizontal wells and computerized reservoir management systems, the estimated recovery rates are being revised. Thanks to new techniques, which make it possible to obtain oil even from apparently depleted fields, Russian oil companies already have managed to boost their output by 50% since 1998. "The biggest thing is the [new] technology being deployed in western Siberia. The results are beginning to show," says Martin Wiewiorowski, senior vice-president of DeGolyer & MacNaughton in Moscow.

www.businessweek.com...

Water everywhere and yet no one is drowning. There is enough oil on world markets as it is and STUPIDLY producing oil faster than you already are , potentially resulting in a decline in prices, just depletes fields faster. A proper development of Iraqi's reserves could not only reduce oil prices by two thirds but will easily replace declining production in either Russia or Saudi Arabia for decades to come.

I am so sick and tired of this peak oil nonsense!

Stellar