Near term, new global oil
production is coming from Iraq
and Canada . This may or may not be enough to counter any
shocks such as we have already received out of Libya . Declines elsewhere are real and not been
countered. Some of those declines
notably Venezuela
are due to investment divergence and can be quickly recovered, but others are
from reserve declines that cannot be recovered.
Thus the short term oil market is dicy.
In the medium term we have the
large new offshore fields and East Africa
ramping up even though it all requires huge investment and a critical build out
time.
Long term it is all over for
oil. In fact the long term made it
presence known for real this year. I
have posted on it but no one is going to understand the impact for quite a
while. The Rossi Focardi Heat Engine
will replace all fuel based energy systems at breakneck speed beginning inside
of eighteen months. Electricity can
start been made right down town in the middle of a city. This will make electric vehicles a competitive
option to any fuel system and place huge amounts of energy unto the grid.
We will be swamped with cheap
electrical power and delivery efficiency alone will be doubling with the new
super conducting cables now available. I
suspect that the actual changeover will be one of the fastest ever seen.
All this means that the demand
for oil will be dropping to a fraction of present day production inside of the
coming several years. This may sound
aggressive, but it is actually a no brainer to the boots on the ground that
will make the decisions.
I have watching this all coalesce
and it was a matter of waiting for the correct boot to drop. That boot came from Rossi Focardi with their
marvelous heat engine that delivers eight times unity while converting an atom
of nickel into an atom of copper without throwing off any nasty radiation. We need nothing else.
JUNE 04, 2011
Iraq expects its oil output to rise to 3 million barrels per day
by the end of this year and sees it growing an additional 500,000 to 1 million
bpd next year, Deputy Prime Minister Hussain al-Shahristani said on
Saturday.
"Export terminals and pipelines will not be the obstacle," Shahristani, who is responsible for
The Rumaila oilfield should reach 1.4 million to 1.5 million bpd by the
end of this year. Rumaila current output is about 1.250 million bpd.
West Qurna Phase One was expected to reach 400,000 barrels per day by the end of this year, from current production of around 350,000 bpd.
The Tuba oilfield was around 23,000 bpd, and this was expected to rise to 50,000 bpd at the end of the year.
JUNE 04, 2011
Oil
sands growth and new production from existing conventional oil reserves will
drive Canadian crude oil production to about 4.7 million barrels per day by
2025 according to the latest forecast from the Canadian Association of
Petroleum Producers. (40 pages) This is about 401,000 b/d higher than
previously forecast, due primarily to the higher conventional production and
the inclusion of some additional in situ projects that were previously put on
hold.
Canadian Crude Oil Production Forecast* (million b/d)
2010
Actual 2011 2015
2020 2025
Oil Sands 1.5 1.6
2.2 3.0 3.7
Conventional 0.9
1.0 1.0 0.9
0.7
Pentanes/Condensate 0.1 0.1
0.1 0.1 0.1
Offshore 0.3 0.3
0.2 0.2 0.1
Total Canadian Crude Oil Production 2.8
2.9 3.5 4.2
4.7
The successful use of horizontal drilling and multi-fracturing in the Bakken formation in
Canada’s oil sands deposits are divided into three major regions in northern Alberta referred to as the Athabasca,
Of the remaining established reserves in
There are also smaller deposits in northwest
No comments:
Post a Comment