Just a reminder. We have more oil deposits than the Mid-East? Maybe.
Bakken Shale Map - Maps of Bakken Shale Oil Formation Field
Bakken Shale Map - Maps of Bakken Shale Oil Formation Field
Oil
- Thread starter ironsides
- Start date
Not surprising; the way I understand it, as oil deposits are used, and the price rises, oil that is harder to get and/or wouldn't have been considered viable deposits become commercially viable, so they tend to be reclassified.
$5.00 per gallon is only a 4-5 years away. Nice to know though that we won't run dry for a while.
...but what is involved with getting it? Isn't that the stuff that has to be washed out with heat and detergents?
Both Steve Forbes and Warren Buffet were asked about their knowledge of oil depositis in the world and which nation had the most we knew of. Both replied, "The US and Canada. Together they more than the rest of the world's oil producing nations." Interesting!
heat detergents and lots of water. Were doomed.
Not necessarily. There is tons of formation water down deep that isn't potable. Drill down for some of that stuff, build a water treatment plant as part of the process, and away you go. Yes, it adds some cost to the front end of the project but if you can recover and reuse the water, it shouldn't be too extreme.
The Bakken has lots of in-situ work being done there right now. It's a lot 'greener' (looking anyway) than what goes on up north. The tech for extracting oil this way has come a long way. If you're going to invest your money in unconventional oil, this is a great area to do it in.
We did pick the right place in the world to have our countries. We have everything.
Technological advances in terms of multi arm directional and multi-stage frac has had a huge impact on the economic viability of the Bakken. These identical approaches are being used in companies re-drilling second generation fields all throughout the WCSB.
New Oil Boom in Texas
The economic transformation is the result of a new drilling method, hydraulic fracturing, combined with horizontal drilling, that allows companies to extract oil and gas from impermeable layers of shale. Major industry players have joined the Eagle Ford project, including Anadarko, Range Resources and Shell. Chesapeake Energy of Oklahoma City signed a multi-billion dollar deal with the Chinese state-owned oil company to raise cash to drill in the shale.
No solid estimate of likely production has been made, but the American Petroleum Institute said the field should yield billions of barrels of oil. The project already supports 12,600 fulltime jobs, and by 2020 could account for $11.6 billion and nearly 68,000 jobs in a 24-county area, according to study in February by the University of Texas' Center for Community and Business Research.
http://news.yahoo.com/s/ap/20110612/ap_on_re_us/us_gas_drilling_boom_towns
The economic transformation is the result of a new drilling method, hydraulic fracturing, combined with horizontal drilling, that allows companies to extract oil and gas from impermeable layers of shale. Major industry players have joined the Eagle Ford project, including Anadarko, Range Resources and Shell. Chesapeake Energy of Oklahoma City signed a multi-billion dollar deal with the Chinese state-owned oil company to raise cash to drill in the shale.
No solid estimate of likely production has been made, but the American Petroleum Institute said the field should yield billions of barrels of oil. The project already supports 12,600 fulltime jobs, and by 2020 could account for $11.6 billion and nearly 68,000 jobs in a 24-county area, according to study in February by the University of Texas' Center for Community and Business Research.
http://news.yahoo.com/s/ap/20110612/ap_on_re_us/us_gas_drilling_boom_towns
Why not start developing the Oil sands on Melleville in NWT archipelago. Probably as cost effective as Bakken oil shale and no worse ecologically. I suppose transportation would be the big sticking point.
Retrieving any of this oil will require massive amounts of water, and once used the water is useless for consumption. Most of these areas with the oil are in water poor areas, will that mean they will be running water pipelines to extract it? I may have put up the article, but I'm not quite sure I agree with the methods being used extract the oil.
As long as the topic is oil.....guess who has 250 billion barrels at least under the surface????
Perhaps twice that amount??
Reserves the same size the Saudi reserves used to be......or double.
Israel.
Ain't that a kick in the head. So much for OPEC. Very good news.
It is shale oil, but a method to extract it has been developed, and it should come out of the ground cheaper than the oil sands product.
Looking for an Oil Boom in Israel's Napa Valley - BusinessWeek
Perhaps twice that amount??
Reserves the same size the Saudi reserves used to be...
...or double.Israel.
Ain't that a kick in the head.
So much for OPEC. Very good news.It is shale oil, but a method to extract it has been developed, and it should come out of the ground cheaper than the oil sands product.
Looking for an Oil Boom in Israel's Napa Valley - BusinessWeek
Would 2 trillion barrels of Nor Am oil in one reserve make your bum hum? Question is: "Are you willing to pay for it?"
Why would the Saudis have anything to fear? They have more PROVEN reserves than anywhere else on the planet and all they have to do is pump it out.As long as the topic is oil.....guess who has 250 billion barrels at least under the surface????
Perhaps twice that amount??
Reserves the same size the Saudi reserves used to be...
Israel.
Ain't that a kick in the head.
It is shale oil, but a method to extract it has been developed, and it should come out of the ground cheaper than the oil sands product.
Looking for an Oil Boom in Israel's Napa Valley - BusinessWeek
I spent $123 to fill my truck. 80L or 21 US gallons comes to $5.85 US gallon (BTW I only burn premium because I care about our environment LMAO)