Posted on 12/01/2008 4:50:30 PM PST by 2ndDivisionVet
In a world running low on oil, several countries are still sitting on massive supplies. If only they could get to them.
The Ferdows, Mound, and Zageh Fields
Location: The Persian Gulf, off the coast of southern Iran
Estimated Reserves: 38 billion barrels
Details: Discovered in 2003, these three interconnected fields are among the largest oil deposits ever found. Ferdows is the largest, with 30.6 billion barrels. This figure may seem astounding, but it’s usually not possible to extract all the oil from a field due to technological and financial constraints. Plus, assessing how much oil these deposits can actually yield will take more drilling. If these fields can be largely exploited, though, they will be a huge boon to OPEC at a time when other oil producers are watching their reserves diminish.
What’s the holdup? U.S. sanctions on Iran have prevented the investment needed to develop Iran’s oil fields. Oil Minister Gholam Hossein Nozari said in April that, overall, $500 billion of investment would be needed in Iran’s oil industry during the next 15 years. Purportedly under U.S. pressure, the Japanese have been dragging their feet on an oil investment agreement that they concluded with Iran in 2004. A Malaysian company did sign a $16 billion deal with Iran last December to produce liquefied natural gas at sites including Ferdows, but it will likely be a number of years before we see crude oil flowing.
Kashagan Field
Location: The Caspian Sea, off the coast of Kazakhstan
Estimated Reserves: 38 billion barrels
Details: Kashagan field is the largest single untapped oil field in the world and the fifth largest ever discovered. Development is underway. In fact, crude was supposed to have started flowing in 2005, but repeated delays have pushed the date to 2013.
(Excerpt) Read more at foreignpolicy.com ...
Why did you leave the lucrative field of oil & gas/petroleum engineering to work in real estate?
Just curious.....I’ve been dying to get back in ever since I quit my landman job.
I have been hearing about oil in Israel for many years, yet nothing has come out of it. Zion Oil & Gas is an outfit that has been drilling in Israel for a long time with nothing to show for it. I’m skeptical myself.
bfl
“Lava continuously flows to the surface. WHy can’t oil?”
Show scientific evidence. Since the oil business has been lucrative, much effort has been extended to learn all about it.
In my lifetime oil drilling and recovery technology has advanced a great deal, but the idea of how the oil got there is unchanged.
It is thought to be from ancient organic material (deal flora and fauna) laid down in porous sedimentary layers. Later these layers were sometimes rearranged with upthrusting, faults, etc.
If you or others have a better theory, prove it. Then by all means find some of this resource, drill it and get rich.
“Why did you leave the lucrative field of oil & gas/petroleum engineering to work in real estate?
Just curious.....I’ve been dying to get back in ever since I quit my landman job.”
I left oil exploration and production engineering (Signal Oil & Gas. Co.) for the energy engineering and construction business (Fluor). I’m a business/finace major, not engineer.
I left that when that company underwent tough times; got into real estate, and have stayed since.
Both industries are cyclical. It is near impossible to craft solid business plans when oil swings from $150 to $50 per barrel in six months time.
Obama plans to make policy aimed at higher energy prices.
Landman is sort of like oilfield real estate, right? Buy, lease, royalties, etc?
I’m a little advanced to start from scratch, but the idea of getting back into energy is attractive. Yesterday I met a PhD, who recently retired from the National Renewable Energy Labs at Golden CO.
He is 67 and working for a Solar Panel company. He said Bush did more for solar than anybody gives him credit for. Maybe for Pickens?
What?
Get a clue bud. I’m not trying to prove anything. I’m just stating an obvious FACT. Lava flows to the surface CONTINUOUSLY. Therefore, your theory that oil cannot do the same without violating some conservation of mass principle is false.
So instead of demanding that I prove something, why don’t you sit there and think about how it might be possible for lava to flow to the surface continuously without violating any conservation of anything law, then think about how the same thing might be possible for oil as well. THen you won’t need me to prove anything for you. You can do it yourself.
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