Well, Oil Be Saved

[SarahBell]

4000 barrels a day doesn't sound a lot but they're skint so every little helps.

http://www.rte.ie/news/2012/0315/providence-business.html

Edited March 15, 2012 by SarahBell

[Lagarde's Drift]

No, this is the bit that counts:

A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C Barryroe recoverable contingent resources are 59 MMBO and 144 MMBO, respectively.

Even allowing for resources to increase over the life time of the field (as they do), it's not a lot.

What is important is the calibration of the seismic to their proven geological knowledge - they should be able to tell what else is out there, are there any monster fields? Or even lots of small ones ala current North Sea?

[interestrateripoff]

Are they going to build a pipe directly to Germany?

[Lagarde's Drift]

Are they going to build a pipe directly to Germany?

[trekking]

4000 barrels a day doesn't sound a lot but they're skint so every little helps.

http://www.rte.ie/news/2012/0315/providence-business.html

Well oil beef hooked.

[Gigantic Purple Slug]

Better than nothing.

At a time when Ireland desperately needs the work.

Maybe they'll find more, maybe not.

I see the Yanks are considering plundering the SPR to boost Owebama's election chances. Nice one.

[fluffy666]

Better than nothing.

At a time when Ireland desperately needs the work.

Maybe they'll find more, maybe not.

I see the Yanks are considering plundering the SPR to boost Owebama's election chances. Nice one.

Offshore Ireland on the West coast is quite interesting - you have to drill through a thick layer of basalt which makes the seismic interpretation very hard indeed. But otherwise, it has similarities to the North sea, could be some good fields under there.

[Bloo Loo]

No, this is the bit that counts:

Even allowing for resources to increase over the life time of the field (as they do), it's not a lot.

What is important is the calibration of the seismic to their proven geological knowledge - they should be able to tell what else is out there, are there any monster fields? Or even lots of small ones ala current North Sea?

Million Barrels of Oil...whats the second M for in MMBO?

[Lagarde's Drift]

Million Barrels of Oil...whats the second M for in MMBO?

I have no idea, I just know that MM = million. Could it be roman numerals? M x M = 1 million?

[swissy_fit]

The population isn't massive, what's the daily oil requirement?

If there are any other fields they could at least become exporters not importers for a while, perhaps.

Edit : Especially if they pull their fingers out and use those massive fiord-type valleys on the West coast as batteries for renewables, they could diminish their own oil consumption while increasing production.

Edited March 15, 2012 by swissy_fit

[Democorruptcy]

Their property developers will want it. They got everything else.

[Lagarde's Drift]

Can you PFI a dam, then BTL it? I'm sure the Irish can work out a way

[Bloo Loo]

Can you PFI a dam, then BTL it? I'm sure the Irish can work out a way

Im sure they can PFI a dam, and never build it.

[Game_Over]

There was some guy with a theory that oil is formed by microbes and that it can be found everywhere

I'm beginning to think he was right

So we probably are never going to run out of oil

Not before we crack nuclear fusion anyway.

[Lewis Gordon Pugh]

More oil leaking to surface pockets from the mantle where it is probably produced.

[fluffy666]

More oil leaking to surface pockets from the mantle where it is probably produced.

Fascinating. So, how does it make it through the brittle-ductile transition?

[Game_Over]

Fascinating. So, how does it make it through the brittle-ductile transition?

Nevertheless they keep finding more and more of the stuff.

Wasn't it supposed to have run out by now?

Edited March 15, 2012 by Game_Over

[fluffy666]

Nevertheless they keep finding more and more of the stuff.

Wasn't it supposed to have run out by now?

No. Just plateauing production, sky high prices and extreme exploration efforts. With the chance of the odd oil war.

[Lagarde's Drift]

We are indeed finding more of the stuff. It's just more difficult, and more expensive. Look at the oil EROEI graph, it's not pretty. We're sniffing around the poles and in deep water, and extracting stuff from sands at a huge environmental cost. Also previous fields with heavy oil which were abandoned in the past have now become economical. If it drops below, say $70, then these producers will just stop extracting until the price recovers. This is why the oil price is not going backwards.

Our production may even increase on a total numbers level for a while. But it's not catching up with population growth nor demand so each barrel will have more people bidding for it. Hence our quality of life dropping and others catching up.

This is why our economies are tanking, the end of cheap energy (for now). Unfortunately, even if magic energy were invented tomorrow, our infrastructure is so dependent on oil and gas we will still have a decades-long gap until we can take off again.

[Game_Over]

No. Just plateauing production, sky high prices and extreme exploration efforts. With the chance of the odd oil war.

Sky high fuel prices are largely due to fuel duty.

[Game_Over]

We are indeed finding more of the stuff. It's just more difficult, and more expensive. Look at the oil EROEI graph, it's not pretty. We're sniffing around the poles and in deep water, and extracting stuff from sands at a huge environmental cost. Also previous fields with heavy oil which were abandoned in the past have now become economical. If it drops below, say $70, then these producers will just stop extracting until the price recovers. This is why the oil price is not going backwards.

Our production may even increase on a total numbers level for a while. But it's not catching up with population growth nor demand so each barrel will have more people bidding for it. Hence our quality of life dropping and others catching up.

This is why our economies are tanking, the end of cheap energy (for now). Unfortunately, even if magic energy were invented tomorrow, our infrastructure is so dependent on oil and gas we will still have a decades-long gap until we can take off again.

Last time we had a debate about this I think it cost less than 10 dollars a barrel to pump oil out of the ground in Saudi

And oil shale in Canada was 30 dollars a barrel - but this would fall with increasing production

The cost of a barrel of oil seems to have very little to do with what it costs to extract.

If the UK government was given unlimited amounts of free fuel that could only be used in the UK would fuel at the pumps be free?

I don't think so.

[Lagarde's Drift]

Last time we had a debate about this I think it cost less than 10 dollars a barrel to pump oil out of the ground in Saudi

And oil shale in Canada was 30 dollars a barrel - but this would fall with increasing production

The cost of a barrel of oil seems to have very little to do with what it costs to extract.

If the UK government was given unlimited amounts of free fuel that could only be used in the UK would fuel at the pumps be free?

I don't think so.

No of course not, the UK government would just increase taxes. Saudi oil is cheap, but it is running out, so they are scaling back production. Part of the reason is the subsidy to their own people. For example, Saudi oil is supplying their water plants at roughly $7 a barrel. Cheap water. The reverse side of this is in order to continue their quality of life they must flog the remaining oil at ever higher prices.

The cost of a barrel of oil has a lot to do with what it costs to extract, but even more to do with what someone else will pay for it.

[Lewis Gordon Pugh]

Fascinating. So, how does it make it through the brittle-ductile transition?

errm let me think....gaps in the rock maybe? Come on mate this isn't hard. Black stuff is formed down deep, and then rises to the surface in pockets, just like it does / did on other planets. Or maybe you think there are dinosaurs there too that all fell in a hole and turned into hundred mile long hydrocarbon fields?

[Game_Over]

No of course not, the UK government would just increase taxes. Saudi oil is cheap, but it is running out, so they are scaling back production. Part of the reason is the subsidy to their own people. For example, Saudi oil is supplying their water plants at roughly $7 a barrel. Cheap water. The reverse side of this is in order to continue their quality of life they must flog the remaining oil at ever higher prices.

The cost of a barrel of oil has a lot to do with what it costs to extract, but even more to do with what someone else will pay for it.

Far more to do with what people are prepared to pay

And the cost at the pumps is largely down to tax

We won't ever run out of oil - just like we never ran out of coal

because as oil becomes more expensive other technologies will become more economically viable and once established economies of scale will make them even cheaper.

IMHO

[Lagarde's Drift]

because as oil becomes more expensive other technologies will become more economically viable and once established economies of scale will make them even cheaper.

IMHO

Yes. But what other technologies? This is where EROEI comes in again. Oil is stunning in its energy per barrel. Even now. As long as oil is cheaper than other energy sources, it will be used. Therefore oil sets the price of other energies. Plus, you talk about coal as if it hasn't already been mined to death and already gone through the cycle oil is currently in. And for new (or rehashed) technologies, exactly what is going to power the building of infrastructure required? What is going to build the next nuclear or solar or hydro or geo or whatever plant? It sure ain't donkey or human muscle.

There are comments on other threads about the cost of building material for houses, the cost of wood, or steel. This is all oil-related. The price of food - it's about oil. And the price of plastic packaging believe it or not. We hopefully will see an end to stupid shrinkwrapping with expensive oil.

Then there is the current infrastructure - physical, economical and cultural. We are completely dependent on oil, and I'm not talking about driving. Things are just not going to change overnight and we are all going to pay the price. Oil permeates absolutely everything; the pump price is almost the least of our concerns as the UK grew up without cars and can go back to that, unlike some other countries.

p.s. the pump price when people will finally stop being stupid about driving everywhere? I'd say roughly £5/litre (rebased to 2010 gbp).

Edit: for a worthwhile illustration, look at this. I've also read something like 1 or 2 years of horse labour, or 10 years for a human. $125 per barrel is stupidly cheap. Try $12.5k or $125k.

Edited March 16, 2012 by Lagarde's Drift