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Originally posted by Vitchilo
No we are using 32-33 millions barels a day in the entire world...
So you're informations are falses.. if not i'm not here anymore..
Originally posted by Vitchilo
Sorry
But this is very
I thought that it was only 30 millions barrels a day! I was totally wrong!
Is really a barel 159 liters? I thought it was 72 liters?
[edit on 19-10-2005 by Vitchilo]
Originally posted by PopeyeFAFL
We are using 85 millions barrels of oil per day for the entire world, just to give you an example how much oil this is, let put it that way :
85 millions barrels * 159 liters per barrel = 13.5 * 10^9 liters = 13.5 * 10^6 m^3
With this amount, you can fill a poll having 2 meters in height by 25 meters in width (so far so good) by 270 km long !!! (every second, more then 3 meters in the length direction is burned).
Or if you prefer, fill a cube of 238 meters per side.
Do you honestly thing that we can keep doing that for ever and ever ?
Originally posted by IXRAZORXI321
Oil is a byproduct of internal pressure and heat. It renews itself.
Thats my theory anyway.
How else could dry oil fields fill back up again?
Originally posted by IXRAZORXI321
How else could dry oil fields fill back up again?
Originally posted by Quest
They don't.
Just ask all the owned of the Southern US fields who have dry fields and old rusted out well pumps.
The US peaked in the 1970s. Just google it for tons of facts.
...why so many dry holes anyway? Don't they know how to find oil?
Originally posted by Nygdan
The fields that fill up again are filling up because the oi slowly oozes back into the emptied out pores. Remember, oil is contained in the microscopic pore spaces of rock.
Ever drink a slushie that was partially melted, and see the coloured liquid go away, but frosty ice remain? Think of it like that. You pump, the pore spaces empty, and the source is dry. But, given time, oil from a distance will redistribute and ooze back. This doesn't happen all the time certainly, but its what is thought to happen with ones that do refil.
Originally posted by Valhall
Wells that were P&A'd (plugged and abandoned) in the past weren't necessarily taken offline because they were "dry".
Their production rate had dropped below the level that could realize a profit for the owner at the time.
If you have a well that only produces 100 bpd (barrels per day) and the price of oil is $8/bbl, you're losing money. So you'll P&A that well.
You can bet your bippies a whole lot of these wells formerly P&A'd are being brought back online now. Because 100 bpd at $60/bbl is something that would change my life.
Yes they know how to increase the probability of finding oil, but it is never garanteed.
That's part of what you pay for for the price of a barrel of oil - the costs associated with drilling a dryhole.
The success rate for wildcatting (that is speculative drilling based on an educated guess that a hydrocarbon reservoir exists in that location) has exponentially increased over the past century - but the operators still get a dryhole every once in a while.
And that failed drilling rig and drilling operation did not cost a dime less than a successful one.
Originally posted by StellarX
Their production rate had dropped below the level that could realize a profit for the owner at the time.
What is considered profit in this specfic instance? 50% or 500%?
If you have a well that only produces 100 bpd (barrels per day) and the price of oil is $8/bbl, you're losing money. So you'll P&A that well.
Why exactly is that so? It depends on labour and many factors wich i am certain you do not have infront of you. We are assuming fair play when so much evidence indicates that these companies will shut down their most profitable refineries just to create shortages and raise prises overall.
You can bet your bippies a whole lot of these wells formerly P&A'd are being brought back online now. Because 100 bpd at $60/bbl is something that would change my life.
Well it depends on too many factors including what is considered "profit" by the owner of the well. At 40 dollars a barrel you can go drill in the North Sea ( and i am not sure if it gets more expensive than that) and still turn a profit over the terms these companies normally work.
Yes they know how to increase the probability of finding oil, but it is never garanteed.
Why not? Don't they know how to find oil after 100 years? Why still 2-3 dry holes for every one that gives any oil at all? Lets not even mention how many they drill before the find something that gives oil in commericial quantities.
That's part of what you pay for for the price of a barrel of oil - the costs associated with drilling a dryhole.
Obviously but why can't they invest in proper technology and find oil more reliably? Don't they know how it forms and where to find it? I am sure you well know that the biggest cost in the oil industry normally comes from exploration so i have to ask why they are not better at it yet? What do we really know about oil formation when we they are still so bad at finding it?
The success rate for wildcatting (that is speculative drilling based on an educated guess that a hydrocarbon reservoir exists in that location) has exponentially increased over the past century - but the operators still get a dryhole every once in a while.
You may assume that i did some research in this area and that you need not explain basic terms to me. Wildcats or not they still drill far far more dry holes ( still not mentioning commericial wells) than they drill one's that gives some oil.
And that failed drilling rig and drilling operation did not cost a dime less than a successful one.
So one would expect that with such massive cost involved in exploration they would invest as much resources as was needed to find oil reliably. How on earth can your researchers tell you that there is oil and their simply wrong 70% of the time? Is that science or is that quessing?
Stellar
Originally posted by Valhall
Typically at least double digit. The same thing the shareholder would expect from any investment. Usually at least 12%. My point was that at $8/bbl, it was typically negative - losing money.
First off - don't tell me what I do and don't have in front of me.
You either want to talk facts or you want to waller in your own obsession. I can help you with the first. I'll leave you to yourself on the second.
The statement about refineries is an entirely different subject.
And I don't disagree with you on what you said. But we're not talking about that right now. This is not an argument about how greedy the oil companies are.
Because if it were, we wouldn't be arguing. The exorbitant price of oil right now is nothing but greed - so we'll decide to violently agree on that, ok?
The question you raised was about previously abandoned wells. I'm talking to you about that. Let's not get our subjects mixed up, ok?
You can bet your bippies a whole lot of these wells formerly P&A'd are being brought back online now. Because 100 bpd at $60/bbl is something that would change my life.
Once again, we're in violent agreement. So what exactly is your point other than to argue with some one who is saying the same thing as you.
I just got through posting that a lot of the wells formerly abandoned were done so when oil was at $8/bbl - that's a hell of a lot less than $40 isn't it?
Okay, I just figured out what's wrong with you...you can't read.
Did I say they can't find oil? I said they have exponentially improved their ability to find oil.
I also said that there is also still the probability and the event where all the science that has come to bear so far in the industry doesn't result in a producing well.
Who said they're so bad - you? Waller a little more, will you?
You're awful self-centered aren't you.
Here's a thought - there's a couple of more people reading this thread than just you. Then consideration of defining an industry-specific term is for the benefit of all the audience, not just you Homer.
Data to back your figure?
One of the other interesting mantras of the last decade was that technology had eliminated dry holes. Well we never came close to obsoleting the dry hole. The reason dry holes dropped so much is we drill far less wells. We also stopped doing most genuine exploration. Even projects that are called wildcats today probably 20 years ago were called modest step-outs. It turns out that now that we look back with good data it takes four straight dry holes, it is still a risky business. The U.S. statistics are appalling. Here basically is the table going back from 1973 to 2002 of U.S. exploratory success rates and their dry holes as a percentage, and this yellow one going through there is 67% meaning that two out of three of those failed. We modestly drop the line from about 75% down to 67% but two third failure rate, we've just killed building dry holes. The North Sea exploration, in appraisal statistics is still basically about 25% chance of success. Angola, of the major Block 17's has had a string of dry holes. Eastern Canada's recent statistics have been troublesome.
www.fromthewilderness.com...
"Potential traps are identified by analysing seismic survey data but whether they contain oil or gas won't be known until a drill bit penetrates the structure."
"In Australia up to 100 offshore wells per year are drilled. About a quarter of these are development wells to produce oil or gas found by previous drilling."
www.earthsci.org...
Disappointing drilling results affected two of AIM’s recently floated oil prospectors.
A third of the value was knocked off of Cameroon-focused oil explorer BowLeven (BLVN) as, like Frank Timis’ Regal Petroleum (RGP) earlier in the year, a potential well drilling ‘did not encounter’ any oil. Floated at 363p last December, the shares now sit at 445p, virtually half September’s high of 815p.
www.growthcompany.co.uk...
Although modern oil-exploration methods are better than previous ones, they still may have only a 10-percent success rate for finding new oil fields. Once a prospective oil strike is found, the location is marked by GPS coordinates on land or by marker buoys on water.
science.howstuffworks.com...
Dry Hole
A well that does not find oil or gas in commercial quantities. Definitions of commercial vary according to the costs of exploration. A shallow well in the old oil patch in the United States might be commercial when it can produce less than 10 barrels of oil per day, while an offshore well might not be commercial unless it produces several thousand barrels of oil per day.
www.conocophillips.com...
Geologic and geophysical clues are enticing, but drilling is the only way to learn if an oil or gas field really exists. Once a well is drilled, well logs yield data on the types of rock present and, most important, what fluids these rocks contain. The information interpreted from the logs is used to decision whether a well should be completed and used to produce oil and gas, or filled with cement and abandoned. The logs are also used to update the geologic models originally used to locate the well.
Today, the average wildcat well has only one chance in ten of finding an economic accumulation of hydrocarbons. A rank wildcat, if drilled in a frontier area, stands only one chance in forty of success. The odds are much better for a development or extension well, but nothing is a sure bet in the oil business. Thus, even though explorationists (oil and gas prospectors) of today have better tools than their ancient predecessors, luck remains a significant factor in the search for oil and gas. The reality is that most wildcats turn out to be dry holes and not every development well becomes a producer.
www.sjgs.com...
And wouldn't it get harder to find the more difficult reservoirs as you find and deplete the easier discovered reseroirs?
As the technology to find reservoirs increases, it doesn't necessarily mean the success rate will track it because they are attempting to locate deposits that are deeper, right?
Originally posted by Valhall
I've given you one I agree on. If a producer cannot realize at least 10 to 12% profit on an investment, they'll dump that investment or put in hibernation until they can make that return. That has nothing to do with how they'll try to make 10 times that if the consumer lets them...that's what is happening now.
I came to this thread to make one statement:
Not all wells that were abandoned were abandoned because they were dry. Some of them were abandoned because they produced at such a low rate that when the price of oil was below a break-over point, the company was either making an insufficient minimum return on investment, OR losing money.
That's a fact. And it has nothing to do with greedy reasons connected with shutting down refineries and then claiming shortages are the reason for jacking oil prices.
So you go back to mixing your subjects and obfuscating -
I've said my piece and did it with in the bounds of truth and factual statements.
I'd like to wish you luck, but I'm not sure what I'd be wishing you luck at, so I'll refrain and just leave you to yourself.