Posted on 05/12/2013 7:21:58 PM PDT by BenLurkin
Saudi Arabia signaled that it intends to remain a world energy powerhouse for the foreseeable future, partly by exploiting new technology which has unlocked vast quantities of oil and natural gas in North America. ... “We have rough estimates of 600 trillion cubic feet of unconventional shale gas. The potential is very huge and we plan to exploit it,” he said during a Credit Suisse conference.
Mr. al-Naimi didn’t say how quickly Saudi Arabia might begin commercial production of shale gas or shale oil, or describe how it will supply the large amounts of water used in hydraulic fracturing or “fracking,” the process used to extract oil and gas from shale.
(Excerpt) Read more at businesswithoutborders.com ...
That’s fine and dandy Towelhead. Unfortunately for you and the other sand fleas in the Mideast, almost every other country also has reserves meaning you guys are no longer King Shiite!
The happiest day for this country will be when we buy our last barrel of oil from OPEC.
The ME will become as prosperous and influential as a small African country when their oil runs out
It "could be twice the size of its conventional gas reserves . . . Minister of Oil Ali al-Naimi said. . . .
“We have rough estimates of 600 trillion cubic feet of unconventional shale gas. The potential is very huge and we plan to exploit it,” he said during a Credit Suisse conference. . . .
In separate comments to The Wall Street Journal, Mr. al-Naimi said he anticipated that the country’s shale-oil reserves could also be exploited, but added that “we have to find them.”
Use the natural gas to raze Mecca and Medina.
sadly I doubt it will run out, oil is a renewable resource. We need to simply stop buying it and let US and Canada supply our own energy needs. Sell to ourselves at great prices, and export the rest.
Good bye Peak Oil
Your thoughts?
“The happiest day for this country will be when we buy our last barrel of oil from OPEC.”
That could be tomorrow if we had a president not hell-bent on destroying this country and benefitting the Saudi’s.
If they have that much reserves, wouldn’t they just sink into the hole they are creating at some point. Sand does move fast.
It takes water to take it out. Where they gonna get it?
My thoughts: I’d love a global gas price war.
There was a gasoline price war all the time I was in college in Lawrence, KS from fall 1964 to summer 1968.
Loved that $ 0.19 gas.
Sorry, I’m a member of the gang that can’t shoot straight. Meant to shoot that comment to post 10. Only missed by one.
No it is not.
http://wiki.answers.com/Q/Why_is_oil_called_a_non-renewable_energy_resource
Oil may well be created by geological processes under pressure and high temperatures.
The Russians were theorizing on this issue quite a wwhile ago.
PS Some Texas oil domes have been found to be refilling from below - as the Russian theory predicted.
I would encourage you to look into it, it’s the industry I work in. It’s just like trees, they grow again.
Removing oil/gas doesn't leave a hole. It isn't a giant, buried lake with nothing but petroleum in an empty pocket.
Think of it this way. Take a bucket, pack it full of sand, tightly packed. You can pour water into that sand for a while without overflowing the bucket, if you go slowly. There are spaces between the grains to hold the water. If drill a tube down to the bottom and draw out the water, it will not subside the top, provided it was tightly packed to begin with.
The oil/gas is in porous rock the same way. It typically has less spaces and less connectivity between the spaces than the bucket of sand example, but it works the same way.
Also, not matter how hard you suction the tube in the bucket of sand example, you will never get out all the water you put in. Same way with an oil field; you never get it all out.
I retired from the oil and gas industry and the biotic oil theory has been debunked many times.
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