Oil was formed in the geological past under well understood processes. In fact, the bulk of current production comes from just two epochs of extreme global warming, 90 and 150 million years ago, when algae proliferated in the warm sunlit waters, and the organic remains were preserved in the stagnant depths to be converted to oil by chemical reactions.
Natural gas was formed in a similar way save that it was derived from vegetal material. It follows that these are finite natural resources subject to depletion, which in turn means that production in any country or region starts following the initial discovery and ends when the resources are exhausted. The peak of production is normally passed when approximately half the total has been taken, termed the midpoint of depletion.
Colin J. Campbell
While some oil companies are talking about peak oil in 20 years time, they are talking about it. The challenge is that many scientists who know this probability minefield are saying it could be happening now.
The peak of oil discovery was passed in the 1960s, and the world started using more than was found in new fields in 1981. The gap between discovery and production has widened since.
Colin J. Campbell http://www.peakoil.net/about-peak-oil
33 of 44 oil producing countries have passed peak production. The future lies in deep ocean and under the poles. Discovery of oil peaked 40 years ago. Discovery has dropped off but consumption is still increasing. The challenge is that this resource is diminishing and society is hell bent on burning more and more.
Colin J. Campbell
Over the past five years there are over three billion new oil consumers. China and India.
China used to export oil. China has become a net importer of oil and will soon be the biggest consumer of oil. Four Corners
Considering the first cars started around 100 years ago and we are now talking about peak oil in a world where demand is growing should send shivers up your spine. Globally we consume around 100 million barrels of oil a day.
Oil wells that have flowed by themselves for years, these wells these days need injections to help lift the oil. This has more than doubled the cost of per barrel production from less than $10 a barrel to over $40. In the past oil wells used to be abandoned when they were around half consumed or half the oil had been extracted because it is the last half that becomes progressively more difficult and therefore expensive, to remove.
Saudi numbers claim to have 260 billion barrels under the ground. This figure has not changed for two decades despite all the oil that they have pumped. As a country they kicked out the international oil companies and nationalised oil production. Saudi leader claim they can meet the supply needs. The oil scientists don’t know how… Four Corners
While the Canadian tar sands represent more oil than twice Saudi Arabia’s alleged oil reserves, the extraction process is very energy intensive and that is apart from the CO2 released during the production of a million barrels a day. By 2016 production is expected to reach three million barrels a day. By then we are expected to be consuming 115 million barrels a day of oil. Four corners
Coal can also be liquefied but the green house gas production levels in the liquefaction process are high. And then we get further CO2 emissions when we burn the oil in “generating energy.”
Even if oil from coal extraction plants are deemed to be a good idea, then will take 10 years to set up. We don’t have this time to spare. Robert Hirsch Four Corners
How can you have a glut of a non renewable resource? David Suzuki referring to markets referring to having a glut of oil when prices suddenly dropped.
This is a compilation of ideas and notes compiled by Garnett Znidaric who has been observing the evolving situation for more than thirty years. Send comments to info@gzrecord.com |