Friday, Nov 09, 2007
Enough to head off peak oil?
3 Comments
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1. planning4acrash said...
In a word? No. This reserve is within deep, deep water, it will not be operable within at least another 5yrs and will be expensive to drill. Rigs will be extremely expensive. Peak oil doesn't mean no more discoveries, it means that the easy oil is all extracted and what you have left is heavier oil such as tar sands and expensive deep sea oil. I also understand that deep sea oil also has a higher depletion rate and no doubt rigs will be more exposed to bad weather. Oil such as this find will probably need something like $100 oil to be viable. The need for expensive oil will have been why exploration of the area waited until the high oil prices of recent years. So expect more finds like this.
2. eyeoftheweasel said...
It was a similar story with North Sea oil. It was known to be there a long time before we started drilling for it, but it wasn't until the price shot up in the early 70s that it became economically viable to extract it.
3. Wagdog said...
http://www.theoildrum.com/node/3219#comment-261503