I think we are still learning the amount of recoverable oil found in tight formation. Remember that currently the recoverable rate of oil found in a formation like the Bakken is only ~5%. 95% of the hydrocarbons will remain in the ground when we finish using today's technology.
Most traditional fields get 30~60% of the total oil removed, depending on how much enhanced oil recovery methods are used. For this I mean items like water flood or CO2 injection, more than just pumping.
There is no way we could spend 20 times the money and do 10 times the amount of physical work required for these tight formation and think we would match the cost of wells without that requirement.
The more I communicate with you the more I learn about the energy industry, that is ? At least in the oil sector part of it.
Thank you so much Thackney.
I tedon’t know if you believe in the God of Israel, forJews and Christians alike, to resolve the answer you proposed to me in that it’s insane to think that the fracking oil revolution can over come the great obsticals that tight oil can and compete with conventional oil in the cost of getting it out of the ground in perhaps 5 to 10 years.
It’s our manifest destiny.
Look back in our nations history and God’s providential hand guide our way.
No doubt it was God’s hand that helped us win the war of Independence with England.
Our rich natural energy resources ?
It’s our manifest destiny to use them.