It would be helpful to the discussion, if the peak oil people would kindly upgrade and update their graphs with the TWO gignormous oil discoveries that were just now found off the coast of Brazil.
And also, if they would be so kind as to add some other asyet undiscovered oil discoveries.
[Oops. Sorry. They didn’t KNOW about the Brazilian discoveries two months ago.]
[Soooo … ummmm … what else do they not know about?? Hmmmmmm.]
Like I said, Al, Brazil is no secrete and what the heck is gignormous. So let’s look at some relevant facts:
cnn.com/2007/WORLD/americas/11/08/brazil.oil.ap/index.html
Petrobras says the Tupi field, off Brazil’s southeastern Atlantic coast, has between 5 billion and 8 billion barrels – equivalent to 40 percent of all the oil ever discovered in Brazil.
Brazil’s total oil reserves currently rank 17th in the world, with 14.4 billion barrels of oil equivalent, Gabrielli said.
The US is the thrid largest oil producer
eia.doe.gov/emeu/cabs/topworldtables1_2.htm
The world uses about 31 billion barrels per year (the US over 7 billion). 14.4/31 = .46 years worth of world oil usage…if you could extract it at the desired rate of use. 14.4/7 = 2 years worth of usage by the US.
But oilfields are not like gas tanks (to use a common example). You can deplete the gas in your car’s tank at a steady slow rate or at steady fast rate…right up to the point where the tank is depleted/empty. IOW there’s no decline cures for your gas tank.
Nobody denies peak oil. The debate is over when it will happen, not if it will happen. There are those in the oil industry who say we are at peak oil now: T Boone Pickens, Matt Simmons, Ken Deffeyes, etc. Or that the world will reach maximum production within a few years: Chris Skrebowski editor of the journal Petroleum Review, Peter Tertzakian, C Campbell. Colin Campbell. etc. The optimists have the world not reaching max produciton out to about 2030.
Back to decline curves: The early peak oilers believe there is about 1 trillion barrels of oil left in the ground to be produced and that we’ve only used half of the total oil reserves that were in place (origionally 2 trillion bbls). So your Brazilian reserves that you like to parade is only 1/70th of that 1 trillion total left. So, hey, there’s a lot of oil to be brought on line. No? You ignore decline curves and logistics of bring production to market, Al. In this graph notice how far to the left the first half is produced while the second half takes a lot more years to get out of the ground.
eia.doe.gov/oiaf/servicerpt/depletion/images/figure_1.jpg
And to illistrate a typical natural gas well which deplete much faster than oil wells
mnforsustain.org/images/gas%20primer%20depletion%20fig4.gif
Notice in these illistrations the peak is at the far left, at the begining of production. Now if you keep drilling what will happen is that you’ll have a field/region with a peak that scews to the right since not all the wells are put on line at the same time. BUT to cut to the chase, Al, the second half of production, including the world, is going to be a longer, slow process. Just because the reserves are there it won’t mean you will be able to extract them at the rate you need to maintain the current economic health.
Because offshore wells are soooo expensive to operate and maintain, a what point do you plug the well, Al? When the wells simply quite producing or when they no long generate a profit? Because of decline curves you could plug a well/field even though half the remaining producable oil is still left in the ground simply because they’re no longer profitable. Oh I guess the goverment could deem the wells of national interest and give subsidies to the companies to keep the wells producing for a while longer…
Now let’s bring in
exponential growth in demand/usage not only coming from the US but from developing countries with much bigger populations than in the West. So even if world production remaind flat (or even alowing for some increases) the US and West is going to have reducing supplies due to growing usage by countries like China, India, Saudi Arabia, etc.
Got quize for you:
barzilai.org/mentor/lewis/oil-barrels.html