this might push peak oil back a few years

Sten · 01-06-2010, 10:03

http://finance.yahoo.com/real-estate...il-bets-at-sea

Quote:

Chevron and other major oil companies are moving ever farther from shore in search of oil. That quest is paying off as these companies discover unexpectedly large quantities of oil -- oil that only they have the technology and financial muscle to find and produce.

In May, the first wells from Chevron's latest Gulf of Mexico project came online. The wells are now pumping 125,000 barrels of oil a day, making the project one of the gulf's biggest producers. In September, BP PLC announced what could be the biggest discovery in the gulf in years: a field that could hold three billion barrels.

Beyond the Gulf of Mexico, companies have announced big finds off the coasts of Brazil and Ghana, leading some experts to suggest the existence of a massive oil reservoir stretching across the Atlantic from Africa to South America. Production from deepwater projects -- those in water at least 1,000 feet deep -- grew by 67%, or by about 2.3 million barrels a day, between 2005 and 2008, according to PFC Energy, a Washington consulting firm.

The discoveries come as many of the giant oil fields of the past century are beginning to dry up, and as some experts are warning that global oil production could soon reach a peak and begin to decline. The new deepwater fields represent a huge and largely untapped source of oil, which could help ease fears that the world won't be able to meet demand for energy, which is expected to grow rapidly in coming years.

For oil companies, the discoveries mean something more: After a decade of retreat, large Western energy companies are taking back the lead in the quest to find oil. "A lot of people can get the very easy oil," says George Kirkland, Chevron's vice chairman. "There's just not a lot of it left."

FMF DOC · 01-06-2010, 11:46

Yet the prices of gas are still on the rise... Of course now they it is to pay for the cost of that new technology.. It will never end, they got it figured out to the nanno penny what they need to charge so they still come out billions ahead.

11Ber · 01-06-2010, 14:28

I heard somewhere recently that the rise in gas isn't directly tied to oil price...right now. It went something to the effect of the drop in gas demand last summer/winter led to a shutdown in many refineries and now that demand is going up, supply and output can not match it.

Scimitar · 01-06-2010, 15:45

That's exactly what the illuminatii, Free Masons, and one world governement want you to think....

Damn it I know I left my tinfoil hat around here somewhere....has anyone seen my tinfoil hat?

S

(are there 3 'I's or 4 in Illuminatii?)

nmap · 01-06-2010, 16:57

Keep in mind - the new discoveries will provide oil, but it will be expensive.

Our society is built on cheap and abundant oil.

And, too, there is the little matter of total discoveries versus use.

LINK

Scimitar · 01-06-2010, 20:52

Nmap, I can't remember the numbers

What are we currently at with cost of delivery? It's something like 90% of all oil found gets used to actually find it, drill it, and deliver it to the end user?

What's the actual number, it's quite high?

Either way we're getting closer and closer to the point where it might be out there but it aint worth going to get it.

S