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Since early twentieth century there has been on average 30 years...

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acwmr

2,316 Posts.

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21/08/21

05:34

Post #: 55460533
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Originally posted by Marketinfo: ↑

”Who are you kidding”

I’m only looking at the fact that ultimately oil will run short enough in supply (probably in or around ten years from now) that its cost will push some users into other forms of propulsion.

The various Energy Agencies around the world have oil sitting at 36 or 37 years supply (for known reserves) at 2019’s consumption rate.

Given that the first 33.3% of an oil field’s flow is vastly different to the second 33.3% flow rate and the last 33.3% is sometimes debatable on access and flow rates...... the 36 years supply might easily take +-70 or more years to economically access only two thirds of it, with costs greatly different to today’s formula.

Coal to liquids is another option for extending ICE utilisation.

The point I was making is that EV’s are here, so too ICE.

ICE are far more competitive on cost and will most likely remain that way until competition for oil supplies is pushed by rapidly dropping supply.

Just remember, the MMCC lemmings are doing their best to try and stop the development of existing discovered oil fields, continued development of producing oil fields and curtailment of further assessment of discovered oil fields.

If they are successful in reducing activity for as little as half a decade, Drilling Contractors, their multi-decade accumulation of drilling skills and know how will be greatly reduced or completely wiped out. And that doesn’t consider the destruction of the drilling infrastructure, facilities and equipment via insolvency and scrapping.

To recreate an oil drilling industry would take $Billions that nobody would be willing to risk with vacillating Governments.

I am in no way pushing EV’s over ICE. However, the reality is that the current dominant forces in the world are like headless chooks.

None of them have even a tenth of the intellect of the cartoon character “Foghorn Leghorn”.

Let’s hope that they have all been vaccinated.

MI

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Since early twentieth century there has been on average 30 years of known reserves of oil.at the current rate of consumption.

There is no incentive to keep exploring beyond that, so there are ebbs and flows in price and drilling of exploration wells.

Exploration and development techniques have progressed due to innovation coupled with new technology like advanced supercomputers, robotic underwater vehicles etc

i worked for Schlumberger, who invented electric prospecting with simple apparatus for measuring streaming potential and conductivity of rock formations using electric cable, through to today's nuclear and magnetic resonance techniques, 4D seismic and continuous measurement while drilling. Directional drilling opened up the vast shale gas and oil resource that restored US to world leadership in oil production.

Don't believe the alarmists who have agenda to sell bad news, or promote their own political or economic agenda.

Chicken Little is alive and well, on a screen near you.
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