First, close the EPA and jail the Enviro-whackos wanting to prevent energy production.
This is the only thing that kept the US from having another Great Depression. Obama was foiled by the independent oil men of Texas and Oklahoma, but it will never be mentioned in the history of this horrible economy. That is a shame.
Oil reserves are just estimates. Nobody knows
for sure till AFTER the oil is pumped how much
there was. The system by it’s nature lends itself
to error, changes and fluctuations. I’m sure it
also lends itself to purposeful manipulation of
the information to allow involved parties economic
advantages. Humans are involved and humans tend
to be either incompetent, error prone or when it comes
to large sums of money greedy......greedy enough to
fabricate information.
the climate change, peak oil types use this info by the way. they point out that the wells are drying up faster then predicted....just keep that in mind...
As the slide above {below} shows, Pioneer Natural Resources thinks that it’s actually sitting on about 11 billion barrels of oil and gas. That’s more than 10 times its proved reserves. The same goes for Laredo Petroleum as it sees its net resource potential being more than 10 times its current proved reserves.
..............
yeah this is what happens when they optimized the manufacturing process so that one pad has 30 wells going in all directions at various levels. This is what brings down the price per barrel of oil. This is why I think the Permian production has not really begun to take off yet. But when it does, it will be impressive and really dwarf what’s going down currently in eagle ford and the baaken.
And likely too its the ten fold increase in reserves that these guys are talking about ... — is the reason you hear talk that the permian basin is second only in size to the Saudi Ghawar Field
For those who want to see a 6 minute video showing how horizontal drilling and fracking is done, Northern Gas and Oil has done a great one.
It includes a visual piece on how fresh water aquifers are protected from contamination.
http://www.northernoil.com/drilling-video
Knowledge is power, keep the link and pass it on.
The biggest winners in this new ‘oil boom’ is the state of Texas and the Counties that claim Property taxes on all aspects of the oil and gas products removed/recovered from their jurisdictions.
Why you might ask? Because they get a cut right off of the top on everything that the private companies, the private land owners, the private royalty owners earn/receive through their investments in this petroleum rich area of the country.
Forgive me for changing the subject, because the accounting differences are important facets, but;
I was alarmed at the thought that the Dhims had found a way to crony-capitalize 185 million already extracted, already-paid-for barrels of oil from Strategic Oil Reserve holdings.
Not to be a bother (you can ignore this question) but how many barrels have we lost from there during this last Demo-Rat Admin? They always dipped into in the past, with incoming Republican Presidential Admins having to replace it.