Posted on 04/11/2008 7:15:35 AM PDT by Red Badger
The oil business news is not mainstream newsworthy. The price of gasoline is newsworthy sometimes but the business itself not except when O’Bama or some other mouth notes the obscene profits.
BUMP
does anyone know if we have any FNC or CNN lurkers still?
There have been research papers presented over the years with those types of estimates. Just Google: "bakken formation"
"And why is 4 to 5 billion barrels “sad”?"
4 billion divide by 500 billion times 100 = 0.8%
That not even 1% recovery of a potential 500 billion barrels. That's sad, or at least very unfortunate.
"Would a trillion barrels be sad just because someone thought there should be a thousand times that? Really don’t see any reason for “sad”."
Let's not get off into outer space and let's stick to the Bakken Formation as the discussion. Less than 1% recovery is not much.
Sure, but the data must be acquired. Absence of data does not imply presence of oil.
For scale:
4 Billion bbls here
6 Billion bbls used in US per YEAR
Probably because it is good news.
Huh? Not sure what you are trying to say. Which data? The 1980s seismic data or seismic data from today? The 1980s unprocessed raw data would be quite inferior to today's data.
At the time of the assessment, a limited number of wells have produced oil from three of the assessments units in Central Basin-Poplar Dome, Eastern Expulsion Threshold, and Northwest Expulsion Threshold. The Elm Coulee oil field in Montana, discovered in 2000, has produced about 65 million barrels of the 105 million barrels of oil recovered from the Bakken Formation.
Yes, I had read articles with similar high numbers for oil as well. Not sure if this was a factor in those high numbers, but it may have to do with gas to liquid technology and the fact there is 1.85 trillion cubic feet of natural gas in the formation.
Here is a link to a short article in Wikipedia on the gas to liquid technology:
http://en.wikipedia.org/wiki/Gas_to_liquids
Click the process word hotlinks to see the chemistry involved. Futher information is available through the links as the foot of the article.
What I would like to know is how many cubic feet of natural gas is required to produce a gallon of gasoline.
(For example, if it takes 100 cuft of NG to produce a gallon of fuel, then 1.85 trillion cuft = 18.5 billion gallons of gasoline. (BTW 3.65 billion barrels of oil at the standard cracking ratio of 22 gallons of gasoline per 40 gallon barrel of oil stock = 80.3 billion gallons of gasoline.))
The process word hotlinks provide the chemical formulas but it’s been forty years since I took chemistry in high school. (For God’s sakes, Jim! I’m a history major, not a chemist!)
Or.... the lavender knob gobbler.
I suspect the same will happen here, but we have a long way to go before we'll really know.
Hopefully, someday the eco-nut will be an endangered species.
Only nine? I’m sure the enviro-nazis will come up with a few more.
Didn’t Obama promise if elected, to put a moratorium on drilling in this environmentally sensitive area?
He most likely wants to NATIONALIZE the petroleum industry, like his buddies Chavez in Venezuela and Mugabe in Zimbabwe.....
Getting the media to say something good about the oil industry is about the same as getting them to say something good about the military. If it is good news, they usually won't report it.
Doing so would really interfere with the whole "Evil BIG Oil not producing oil so it can rape consumers" gig.
So this report is only counting the recoverable oil? Also, it said this was “undiscovered”, so how much was discovered previously and not included?
You are correct, we have only just begun to explore the region’s potential.
We were sent on one well in the Keene area, and it turned out so huge, that we will be there for years to come. There are also 40 new rigs coming into the basin this year. Drilling is not cheap here, but the potential will offset the higher drilling costs.
Refining capability is the next obstacle that will determine the drilling effort for the future.
What? Did he have leprosy or something?
Oh, you said “penniless”...
Don’t know about the MSM, but it hasn’t been news here; there have been sixteen articles posted on FR the past couple of weeks:
http://www.freerepublic.com/tag/bakken/index
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