200 billion barrels in North Dakota

[ConsistentLiberal]

It'll take a lot longer to reach peak oil globally. My brother is working on an oil dig with 40 billion barrels of oil easily accessible in North Dakota and a total of 200 billion total discovered.

Good news is, my training in economics tells me we're less than a decade away until Green Energy is on par with fossil fuels in terms of competitive edge in the market.

[4dsc]

1. Oh really?

Please read the following and then inform your brother of its content.

http://www.theoildrum.com/node/3868

Sorry to say but the Bakkens will not avert peak oil from occurring which it did in 2006.

[Hutzpa]

2. I think that is a myth

a friend of mine working offshore tells me that Chevron, Exxon, Shell, BP, all have oil wells in
the Gulf of Mexico that goes above 500 million barrels a day combined, he said what they are doing instead is to pump the oil into reserve and pretend as if there is no oil just to increase the oil prices.

He also mentioned about how the oil companies have wall street lawyers that helps them with
the narrative of high oil price.

[4dsc]

3. What's a myth?

Your number of 500 million barrels a day is so far off I doubt you know what you're talking about. Better check your facts.

[Hutzpa]

4. Your assessment of peak oil IS a myth

let me reiterate, YOUR ASSESSMENT OF PEAK OIL IS A MYTH.

Now let me address your attack on my number 500 million barrels a day, that figure was
arrived at by combining all the major players in the Gulf, this does not include independent,
but when you consider one company which is Exxon not too long ago discovered an oil
well that produces 700 million barrels a day, then combining the big companies for an
estimated figure of 500 million barrels a day imo is a conservative figure.

My point is there is plenty of oil to last us for eternity, except that the oil companies wants
us to believe oil is peaking just so they can continue their exploitation of the masses.

Here take a look, http://www.inquisitr.com/112470/exxon-discovers-700-million-barrels-of-oil-in-gulf-of-mexico/?utm_source=rss&utm_medium=rss&utm_campaign=exxon-discovers-700-million-barrels-of-oil-in-gulf-of-mexico


"It is difficult to get a man to understand something when his salary depends on his not understanding it" Upton Sinclair

[4dsc]

5. Try reading for comprehension

The article claimed they discovered 700 million barrels of oil. They are not producing 500 million barrels per DAY.

And to put this into perspective, the US uses about 20 million barrels per day. SO you do that math and tell everyone just how many days would 700 million barrels last.

And yes peak oil is a reality not a myth.

[Hutzpa]

6. You seem to be stuck with 500 million barrels

per day in your head, you need to get away from that for a second and
focus on the word COMBINED, now let me try to enlighten you on how this
works, that amount is for 700 million barrels per day from one well which
is in fact a rough estimate as to what they expect to produce from the well.

And to put this into perspective, the US uses about 20 million barrels per day. SO you do that math and tell everyone just how many days would 700 million barrels last.

Ok then let us do the math, start by comparing 20 million barrels per day to 700 million barrels.

Now if one company can produce 700 million barrels per day from one oil well and United States use 20 million barrels per day, why should oil price and gas prices be astronomical? Are you doing the math? which means one well can actually supply the needs of the American populace without any added increase in demand or production for as long as, I'm not even using figures from other oil well production from other companies such as Texasco, Chevron, etc for comparison and how many barrels they produce per day, even if we see demand rises, united States can still withstand high demand based on this one example. Again, why is gas prices high? also I will reiterate that your myth about oil peaking is just that, a MYTH.

[FBaggins]

7. You're missing some simple facts.

The entire world never produced so much as 100 million bpd and you think that there's a single well somewhere that produces seven times that amount?

Some simply math can clarify your error. What's the largest-bore-diameter drill-hole you can think of? At the flow rate you're claiming, it would have to handle about 250,000 gallons per second. What does that velocity work out to in fps?

Or feel free to give your answer in multiples of the speed of sound ("Mach 2" etc).

[4dsc]

8. Yes he's missing the facts and its funny

I guess some people have a harder time reading for comprehension then others. No where in the article does it claim a well is producing 500 million barrels a DAY. No Where. Yet he keeps on claiming it does.

[Hutzpa]

9. I wasn't going to post here today

but I'll address this, the article did not claim 500 million, that is my estimate,
I estimated that when you combined the oil corporations meaning (collectively,
put together)the oil producing corporation can produce up to 500 million barrels per
day this is what I said, I never told you it was accurate, I said this was an
estimate furthermore you keep accusing me of not comprehending, look
like you are the one lacking comprehension, because what I expected from you is
to at least understand my point, not try to twist them.

I also provided a link of the discovery Exxon made from one oil well, where 700
million barrels of oil can be extracted per day from that well. Here is where I think
the confusion lies, confusing discovering and producing, I'm saying once it has been
discovered, the decision can to be made whether to start producing or to keep as
a reserve well, it still does not disqualify the 700 million barrels of oil that can be
drilled from the well. You also believe strongly that we've reached peak oil and I am
saying to you it cannot be, because we have evidence or there are multiple
evidence that shows us that we cannot be approaching peak oil.

When you look at the wells being discovered and wells that are being sealed as preserved,
not to mention the wells that are in operation it is easier to see why folks such as myself
will disagree with experts whom are not petroleum geologist but economical analyst that
writes about the world reaching peak oil, I will have to look at independent evidence
because I know what the oil companies like to do which is to persuade the experts to
go with their point of view.

This is what led me into providing an example of why I believe it's impossible just as
the OP provided an example with the North Dakota 200 billion barrels of oil.
The truth is there are wells being discovered in the Gulf of Mexico and these wells
are being put into reserve by the oil companies just so they can control the price of
oil, let us not forget that.

[Hutzpa]

10. I'm not claiming anything

I don't know where you got this idea of me claiming, my talking point is from this
article; http://www.inquisitr.com/112470/exxon-discovers-700-million-barrels-of-oil-in-gulf-of-mexico/?utm_source=rss&utm_medium=rss&utm_campaign=exxon-discovers-700-million-barrels-of-oil-in-gulf-of-mexico

Please if you want to join this discussion lets at least act like adults.

[FBaggins]

11. Of course you are.

You clearly said "Exxon not too long ago discovered an oil well that produces 700 million barrels a day" and previously talked about a combination of gulf wells that produce 500 million bpd.

Both statements are flat wrong... not even close... not even in the same zip code. I can't think of a more "adult" way to say it. Sorry.

[Hutzpa]

12. Did you read the article?

In 2009 and 2010 Exxon discovered two oil wells and a natural gas deposit that are expected to contain 700 million barrels of fuel and on Wednesday the company finally revealed their find.

The company finally reveal their find, what in that statement that you find to be flat
wrong?

[FBaggins]

13. There's nothing in that statement that's wrong...

...it's your statement that's wrong.

I'm sorry... but I can't think of a way to say "there's a bigdifference between 700 million total barrels and 700 million per day" that doesn't come across as condescending.

As I said... the entire world has yet to exceed one hundred million bpd... the notion that there could be a single well that could produce several times that amount it ridiculous.

[Hutzpa]

14. I see you are disagreeing with

per day not the 700 million barrels. So we do agree on the 700 million barrels,
but not the per day, is this right?

[FBaggins]

16. Of course.

I think that's been pointed out a couple times on this thread.

700 million barrels isn't all that much in and of iteself (a bit over a week's supply worldwide). There are lots of finds of that size.

[Hutzpa]

17. Now we're off of the per day

but I still maintain my point of drilling that amount from a well is still a lot, yes
it may not be sufficient for the world, my argument is not for the world, if we
use that as an example or as a standpoint we can begin to understand how the
drilling and saving wells works.

I do not want the focus to be on this one well, I only provided that as an example,
it is not the end all be it all result of this argument.

[4dsc]

19. And your argument is still wrong

NO, 700 million barrels of oil is not a big amount in the overall scheme of things.

[A-Schwarzenegger]

15. Details, details...

[ConsistentLiberal]

20. re: I thin it's a myth

The world demand for oil is roughly 88 billion barrels of oil per day, sometimes 90 but that's about the upper limit. 500 or 700 billion per day is impossible, and even if it were we'd run out of global oil in a month or less.

Peak oil isn't a myth, it just isn't as close as SOME environmentalists would like it to be. I, personally, prefer technology to take us to the future, not catastrophe.

[GliderGuider]

21. Minor correction - it's (m)illion, not (b)illion. Aside than that,

[4dsc]

22. oil is technology

I just love people who are still in denial about peak oil because they believe technology will save the day.

[NickB79]

18. And at current rates of production, it will only take a century or so to extract all of it.

Which won't do jack-all to change the rate of oil depletion globally.

And I'd really question your use of the term "easily accessible" to describe N. Dakota oil. Shale oil production is intensive, and if the price of oil drops much below $50-$60/barrel, you lose your profit margin and the fields become uneconomical to develop.