>>9841929

Wow!

And we have TWO fucktards on the bread.

Cursing and advising another to KYS is SATANIC. Therefore you have used the name of God in vain.

Which Country Has the Most Oil?

https://marketrealist.com/2019/11/which-country-has-the-most-oil/

Oil production by country can vary over years, depending on several factors. For example, oil demand, international agreements, political factors, OPEC’s decisions, trade restrictions or sanctions, and production technology are among the factors that can affect a country’s oil production in a given period. However, the country still owns its reserves, regardless of these kinds of limitations, and can use them for future oil production.

Let’s take a look at the countries that own the most proven oil reserves, which are defined as crude oil “which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.”

According to the US EIA (Energy Information Administration), Venezuela has the largest proven crude oil reserves in the world at 303 billion barrels. That’s about 18% of all global oil reserves. Interestingly, at its current production rate, Venezuela’s reserves can last more than 200 years!

Despite having the biggest reserves in the world, Venezuela produces oil at a much lower rate than many other countries. Outdated technology is one reason for this low output.

>>9842165

U.S. has more untapped oil than Saudi Arabia or Russia

https://money.cnn.com/2016/07/05/investing/us-untapped-oil/index.html

Move over, Saudi Arabia and Russia. America now has more untapped oil than any other country on the planet.

That's according to a new report from Rystad Energy that estimates the U.S. is sitting on an incredible 264 billion barrels of oil reserves. It includes oil in existing fields, new projects, recent discoveries as well as projections in undiscovered fields.

More than half of America's untapped oil is unconventional shale oil, according to Rystad. Shale oil is the previously-unreachable crude that, thanks to fracking and new technology, has reshaped the global energy landscape and vaulted the U.S. into the upper echelon of global oil producers.

"This has been a revolution. Ten years ago nobody would have dreamt this would have been the result," Jarand Rystad, CEO of Rystad Energy, told CNNMoney.

>>9842186

Old Oil Fields Are A Major Source Of New Supply

https://www.forbes.com/sites/michaellynch/2018/03/13/old-oil-fields-are-a-major-source-of-new-supply/

The animated show South Park ran an episode in which Professor Chaos becomes frustrated trying to come up with an idea for mischief that hasn’t already been done by The Simpsons. “Simpons did it,” is the response to his every suggestion. In petroleum economics, the place of the Simpsons is filled by (my mentor) the late Morry Adelman, who wrote a number of papers on the basics which have stood the test of time, even if few are aware of them. (How many read “Resources and Energy?”)

I was reminded of this by Javier Blas’ article “Aging Oil Fields Defy Gravity to Pump More Crude,” in which BP CEO Bob Dudley talks that “I cannot remember ever in my career having seen a negative decline rate.” The funny thing is that only four days earlier, Rystad Energy reported that they estimated growth in reserves in old fields of 151 billion barrels over the previous four years. (And no, two thirds were in conventional fields, not shale.)

Indeed, many would be incredulous to hear that oil reserves were not declining, given headlines like “Global oil supply to lag demand after 2020 unless new investments are approved soon." Although a careful reading suggests that this is nearly always true, just as a car won't move if you don't hit the gas.

Morry Adelman repeatedly tried to explain that oil reserves are an inventory, draw down by sales (production) and replaced by investment (exploration and development). He also demonstrated that most companies have a choice between more intensive development of existing fields or exploring for and developing new fields, and that the cost of the two endeavors should thus generally be equal. (Very simplified.)

But the point is often overlooked by those who cry alarm at news that ‘discoveries’ are at historic lows, thinking that new supply only comes from new fields. This reflects in part the fact that drilling a few wells in an existing field, adding gas injection, or doing new seismic to identify missed oil in a reservoir is often so small scale that it doesn’t make the news—especially compared to billion dollar oil fields in deepwater or Arctic environments.

Most oil reserves added every year are due to revisions and extension, not discoveries. While the proportion is higher in the U.S. than some other countries, which do not use the more conservative “proved reserves” estimate, the phenomenon is global.

>>9842242

Does the Earth re-fuel itself?

http://www.gasandoil.com/news/features/6ac3a54c7ed08ee68b50541cf93b45e7

Every 10-year-old knows that oil comes from the decomposed remains of dinosaurs, a theory first floated by Russian scholar Mikhailo Lomonosov in 1757.

According to this theory, rock oil forms over millions of years from the action of heat and pressure on animal remains buried in sediment. The so-called "fossil fuel" theory remained largely unchallenged for 200 years until Russian academics, led by Nikolai Kudryavtsev, suggested that hydrocarbons (from which oil derives) are generated deep within the Earth from inorganic materials.

The notion that petroleum is abiotic (not related to living organisms) in origin has been accepted as scientific fact in the former Soviet Union for 50 years, yet Western science clings to the contradictory fossil fuel theory.

This is no idle academic debate.

If the Russians are right, oil regenerates deep within the Earth and there is no looming fuel shortage.

If the fossil fuel theorists are right, then oil is a finite commodity and the pumps will run dry within a few decades. This being the case, the price of just about everything will shoot up.

Oil geologist Colin Campbell is one of the foremost proponents of the "peak oil" theory that says roughly half of all known reserves have been consumed, and new discoveries are insufficient to meet the planet's future needs. If he's right, the current oil price of $ 50 a barrel is just a way-stop en route to much higher fuel prices. Campbell posits a bleak future where oil shortages lead to "war, starvation, economic recession, possibly even the extinction of homo sapiens".

According to Campbell, the size of oil reserves is virtually a state secret in many countries, and some oil producers previously inflated their reserves to wring higher production quotas from OPEC, which are based partly on reported reserves. He says the world has so far produced 944 bn barrels, with "realistic reserves" estimated at 853 bn barrels, substantially lower than the 1,278 bn estimated by Oil & Gas Journal.

Allowing for a further 142 bn barrels still to be discovered, Campbell says peak oil will occur next year (2006). This is disputed by the oil companies and the world's leading producer nations as well as the US Geological Survey, which forecasts peak production in about 2035. World oil production is currently running at 83 mm bpd, and most oil producing countries report declining production (except West African producers).

In a recent article, Campbell says the world has used about 49 % of its conventional oil endowment, and it's all downhill from here.

"We can say, in other words, that the world has reached the end of the First Half of the Age of Oil, which lasted 150 years since the first wells were dripped in Pennsylvania and on the shores of the Caspian Sea. Now, the Second Half of the Age of Oil dawns. It will be marked by the decline of oil production, and all that depends on it. The transition is likely to be a time of great tension and difficulty, particularly in respect to financial capital."

However, several cracks have started to appear in the fossil fuel (and hence, the peak oil) theory: some oil fields seem to be re-filling almost as fast as they are being drained. The Wall Street Journal reported the case of Eugene Island 330, an oil field in the Gulf of Mexico, which hit peak production of 15,000 bpd, slowing to 4,000 a day by 1989.

"Then suddenly some say almost inexplicably Eugene Island's fortunes reversed. The field… is now producing 13,000 bpd, and probable reserves have rocketed to more than 400 mm barrels from 60 mm. Stranger still, scientists studying the field say the crude coming out of the pipe is of a geological age quite different from the oil that gushed 10 years ago."