michaeljohn

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Will this help drop the price of gasoline for at least the short term?

North Dakota oil discovery called biggest in U.S.
Posted Apr 10 2008, 06:53 PM by Jon Markman
Filed under: Investing, Energy, oil, Bakken , North Dakota
Rating:

Watch out, Texas! Get back California, Louisiana and Alaska! North Dakota and Montana are on track to knock all of you off your high horses as the oil capital of the United States.

According to a government report published today that has stunned the energy biz, a thin layer of rock known as the Bakken Shale, located a couple of miles under the Badlands, holds up 4.3 billion barrels of recoverable oil, making it the single largest oil reservoir that federal scientists have ever assessed.

At today’s price of $110 per barrel, that puts the value at $475 billion, give or take a few bill, or more than enough to make people think ND stands for North Dallas. Or maybe that’s New Dhabi.

The U.S. Geological Survey only assessed the Bakken Shale in U.S. boundaries, so the full extent of the find, which stretches north into the Canadian provinces of Saskatchewan and Manitoba, will ultimately be larger. Already the estimate for “technically recoverable” oil – or that which is exploitable using current technology -- is 25 times higher than the last time the USGS surveyed the area, in 1995. Read More... http://blogs.moneycentral.msn.com/t...est-in-u-s.aspx

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ddoubleez

1. The biggest oilfields in the world were discovered more than half a century ago, either side of the Second World War.

2. The peak of oil discovery was as long ago as 1965.

3. There were a few more big discovery years in the 1970s, but there have been none since then.

4. The last year in which we discovered more oil than we consumed was a quarter of a century ago.

5. Since then there has been an overall decline.



Ok class, let's do some math..... Global consumption @ 85 million barrels per day.... 4.3 billion barrels in your field will have 1.5 to 2 billion barrels that is not full of sulfer if it is one of the best discoveries in the past 40 years.... After 1 billion barrels of average quality of crude you will be in a terminal decline in the field leaving, what is called sour crude will be left and that has a horrible EROEI.....

2,000,000,000 / 85,000,000 or 2000 / 85 = 25 days of oil for the world supply....

The US is the most efficent country at production at a rate around 35,000,000 barrels per day.... So a field that size buys us about 60 days....

Saudi arabia has about 85 times that, and they are about the same size as north and south dakota put together...

Kashagan field was a disappointment and it holds 4 time the oil as the field that has you ....

In the 40's Texas had 10 times the supply of saudi arabia.....

Hope this clears a few things up!

FattyJJ

You got bit by el numero bugo dude.

shiiboi

Sadly the Markman article is just 'psych ops.' The wording in his article is nearly identical to dozens of others with different bylines appearing all over the news media-- which means it's really just taking paragraphs directly from a press release distributed to them (a very common practice, by the way).

The USGS and the government have known about the Bakken Shale oil since at least 1995, and the study referred to in Markman's article was done originally in 2000, but never published because the scientist leading the research died. The oil industry was not 'stunned' by this news.

After the big oil executives were interviewed by congress on April 1 and asked why they should continue to receive the $18 BILLION subsidy paid to them from your tax dollars, considering that they earned $123 BILLION in profits last year and gas prices are up 50% from that this year, Sen. Byron Dorgan - very good friend to the oil industry - asked the USGS to publish this report.

The USGS is a part of the Dept. of the interior, already embroiled in a scandal because of its infiltration by big oil lobbyists (reference -->here) who continued to be paid as oil lobbyists while in their government posts.

The purpose of this story is to deflect interest in diverting the oil subsidies to developers of alternative energy. A propaganda campaign is being used to convince us that developing alternative energy sources is unnecessary-- that salvation has come and oil prices will drop 'real soon now.' In fact, soon we'll hear that the $18 Billion in oil subsidies is being used to develop the Bakkan Shale in ND.

ddoubleez

the jack two field in the gulf was around the same size and met with the same hype to excite investors..... It was yet another flop!

joerockhead

In NorthWest Colorado, they are beginning to Drill. The area around Craig has doubled in size in the last year.

None of this matter's. Oil and Gas prices will continue to rise, and the Oil companies will make their $$$$

While we pay.

And yet, we will! The only depressing thing for me, is this may really slow the production of the new Camaro.

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Juan.©amaney

lol yeah I really want to see that new Camaro come to fruittion.

I still don't see what any of the replies had to do with the original topic. It's the biggest oil discovery in the US and all of a sudden people start talking about peak oil etc.

I'll add this to the topic. This was made in one of the 50 states here in the US. The US is one of the most populated and "charted" and discoveries like this are still being found. Now, if anyone has stared at the picture of the world at night with all of the lights and junk, you kind of get the idea that A LOT of the world is pretty much uncharted. What do you think the possibility is that huge oil fields might still exist in places where the people still use elephant dung to light their fires for food and where the thought of taking a picture is aking to stealing your souls?

Different species of animals are discovered each year, different virsues are freed from deep deep in the amazon, but hey...oil is all tapped out because someone says so....yet here we are discovering more....

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FattyJJ

Please read this follow-up for another point of view HERE!!


New Report Details Bakken Shale Oil
Posted on: Monday, 14 April 2008, 12:00 CDT

By JAMES MACPHERSON

BISMARCK, N.D. -- The government estimated Thursday that up to 4.3 billion barrels of oil can be recovered from the Bakken shale formation in North Dakota and Montana, using current technology.

The U.S. Geological Survey called it the largest continuous oil accumulation it has ever assessed.

The Bakken Formation encompasses some 25,000 square miles in North Dakota, Montana, Saskatchewan and Manitoba, in three layers. About two-thirds of the acreage is in western North Dakota, where the oil is trapped in a thin layer of dense rock nearly two miles beneath the surface. Companies use pressurized fluid and sand to break pores in the rock and prop them open to recover the oil.

North Dakota's entire oil production hit 137,000 barrels a day in January, the latest figures available. Industry officials believe the state's record production of 148,500 barrels a day, set in 1984, will be surpassed this year.

Donald Kessel, vice president of Houston-based Murex Petroleum Corp., said he believes the Geological Survey's assessment of how much oil can be recovered in the Bakken may be a little on the high side.

"That's a lot of zeros," Kessel said Thursday.

Kessel said his company was the first to get a producing well in the Bakken in North Dakota three years ago. The company now has about 20 producing wells.

The report released Thursday by USGS was done over the past 18 months.

A 1995 study by the USGS found 151 million barrels of oil could be recovered from the Bakken using technology at that time.

Oilmen have known for more than 50 years that the Bakken holds vast oil reserves, Kessel said, but economics were an issue.

According to Jim Ehrets, a Denver-based geologist with Headington Oil Co., of Dallas, it costs about $5 million to drill a well tapping the middle Bakken, and companies need crude prices of at least $50 a barrel to make it economical. Even with crude prices now double that, "there still is a ton of risk," he said.

Originally published by JAMES MACPHERSON Associated Press.

(c) 2008 Tulsa World. Provided by ProQuest Information and Learning. All rights Reserved.

FattyJJ

JC, I'm sorry that you are so jaded as to think that even if they found an oilfield the size of Africa, it would change anything. Think about it logically; If you discovered an oilfield in your back yard tonight, could you take that oil and put it in the gas tank of your car? We depend on oil everyday, in every aspect of our lives. Refined into gasoline, or in the plastic keyboard you are typing on. To think that the oil companies do not recognize that, and take advantage of it for cash profits is crazy. We don’t need to keep finding oil, we need to spend money getting away from it. Even if the field was the size of Africa, its still going to run out. And if you follow DDoubleez math, you will see that an incredible amount of oil is used every day. Could you imagine the wars that would start to get oil from there? Its better for our environment, that we stop using it too.

Let me also explain how some of the replies relate to the article, since your not getting it.


Shiiboi gives some history about the oil "discovery". If you read the article I posted in my last post you will understand.



This is nothing but about the article. It hits the nose on the head. Again, think about this: If our government gave the alternative fuel companies the same amount of money they give the oil companies, we would be able to come up with viable, cheaper means or energy. But Halliburton cant drill for solar power, or wind power......

Shiiboi also explains the reality that is oil lobbying. They have their dirty hands in everything; from advertising, news to your local government. Their job title, plain and simple, is to make sure the oil companies can keep making money. I also wonder why they have an investment analyst reporting on an oil field find.


Next


DDoubleez is explaining that we have been fooled by stories like this in the past, and let down in the end. The cure for the oil shortage is like the cure for Cancer, a new one pops up every now and then, but nothing has cured it all yet. I bet we would get closer if we stopped spreading “Democracy”.

MJ also originally asked, along with the article:
Will this help drop the price of gasoline for at least the short term?

My answer, no. We’ve known about it, and cant get to it cheaply. The oil companies aren’t just going to suck that cost by themselves.

Juan.©amaney

I know you are exagerating...cuz I mean, we've been using oil for a while now and from places that aren't nearly as bit as a whole country. Also, I'm not jaded. I know oil is "running out" and I am very aware of what the oil companies are doing.



According to doubleez, we do need to find enough oil to help us develop alternative fuel sources. Oil companies are already obligated to donate billions to this research. There are already wars for oil and there has been for a while...you guys know about it




*ahem*


I don't see how this question sparked all of that. I honestly think you guys see gas or oil in the title of threads and automatically bring on all the anti big oil BS articles and youtube vids you have stored on your favorites for online debating.

It's cool though.

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FattyJJ

Other than the size of my theoretical oil field, what did I exaggerate about? Do you really think that us finding oil anywhere, in any amount, tomorrow will change anything?



Its not like we have to use all the oil to develop alternative energy. Example: If you can power your solar panel production plant with solar power, your oil free. Oil companies spend pennies on alternative fuels as compare to their oil development and production. I watched the entire hearing when the Oil Execs got grilled on Capitol Hill, and the only companies that had anything major to report on their alternative energy fronts were Shell and BP. But who can blame an oil company for trying to come up with a solution to a problem that is making them super rich, its not like people are loosing their homes at record rates because they cant pay their bills.




Yeah, it couldn’t be that we actually want to carry on a discussion about current events and the atrocities these men are causing just for money, couldn’t be that at all. Your smear campaign seems to rely heavily on us getting our info from you tube and Google, but you cant seem to defend anything you argue against.

Juan.©amaney

That's prety much all I said you were exagerating about there, dude.


But according to ddoubleez, we are passed the point where we can use what oil we have left over to develop anything substancial because everything he touches came from oil. See, I tend to pay attention to these threads. Its kind of my job around here. There are also students in engineering schools nation wide developing these ideas. You familiar with the super mileage team?


Oh god, you are sounding just like ddoubleez. The rules are pretty simple here, fattboy. You can go ahead and carry a conversation on any topic you want, just as long as it stays on topic, DO NOT hijack other people's topic and DO NOT turn every single topic into ones that you want to discuss otherwise I'm just going to keep locking shit up like I'm tempted to do on this one. The atrocities you speak of developed this country from living in shacks to living in places with central heating and air conditioning and developed the free world quite nicely. Do you remember a few years ago when the reserves were open and the oil companies took a hit so hard it nearly bankrupted them? The evils of oil have been documented by political commentary since the days of the JDR...in fact one of my favorite artists Diego Rivera has some kick ass murals regarding this. Before oil it was tobbacco, before tobbacco it was cotton...before then it was whatever it was...I forget. Huge industries will just be evil to the little guy forever and ever.

I'm not trying to smear anything or anyone, and any more asumptions of the like will result in time off from this forum for you. However I will point out that most of the information that I'd like to rely on are peer reviewed works from people towards the middle of things and not extremists trying to prove a point that we are all going to die horrible horrible deaths.

Bottom line, I'm sick and fucking tired of all this gloom and doom bullshit. If that's all you got, start one thread, go crazy on it, and stay out of other people trying to enjoy this forum and discuss topics without having it turn into some bullshit. I happen to enjoy this forum when the people participating can do it without breaking the rules.

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FattyJJ

But according to ddoubleez, we are passed the point where we can use what oil we have left over to develop anything substancial because everything he touches came from oil. See, I tend to pay attention to these threads. Its kind of my job around here. There are also students in engineering schools nation wide developing these ideas. You familiar with the super mileage team?
[/quote]

You seem to only pay attention to what you want to pay attention to, where is your evidence to prove us wrong? I've heard of the super mileage team, and they are one of thousands of teams all over the world who are coming up with really awesome technologies to get us off of oil. But for all of their research and work, what has it given the average commuter? I don’t need a vehicle right now that will get 1800+mpg. I need one that will get me, my wife, kid, dogs and stuff from point A to B using little to no gasoline. You cant tell me we don’t have the technology to do this, what we dont have is the support of our government. If you had someone paying you millions of dollars for support, would you turn your back on them? I cant even say I would 100%.



Where did I "hijack" this topic