Rest In Peace, old friend, your work is finished.....
If you want ON or OFF the DIESEL "KnOcK" LIST just FReepmail me.....
This is a fairly HIGH VOLUME ping list on some days.....
Posted on 08/16/2011 5:33:10 AM PDT by Red Badger
Norway's Statoil has received a huge boost to its reserves with the announcement that two previous North Sea oil discoveries are connected which may represent the biggest find in the Norwegian continental shelf in 30 years.
Statoil said in a statement Tuesday that the Aldous and Avaldsnes oil discoveries together contain between 500 million and 1.2 billion barrels of oil — significantly more than previously thought.
Statoil owns a 40 percent stake in both discoveries and is the operator of Aldous.
Tim Dodson, the company's vice president for exploration, called the combined discovery "giant," adding that "Norway has not seen a similar oil discovery since the mid-80's."
The discoveries show the Norwegian continental shelf remains an attractive source for crude, he said
Trond Frode Omdal, an oil analyst at Oslo-based Arctic Securities ASA, said the size of the discovery was surprising.
"I think the companies had almost given up making such a huge discovery in the North Sea," he said, adding that the gross value of the discoveries could be as much as $40 billion.
Omdal said Norway's proven oil reserves amount to 6.7 billion barrels, according to the BP Statistical Review, so a discovery containing 1 billion barrels is significant.
He said last year Norway produced 2.1 million barrels per day and that Statoil's new fields might produce as much as 300,000 barrels per day.
Statoil's stock was up less than 1 percent to 123.5 kroner ($22.6) on the Oslo Stock Exchange.
Meanwhile, shares of Lundin Petroleum, an independent Swedish oil and gas firm that owns 40 percent of Avaldsnes and 10 percent of Aldous Major South, rose more than 6 percent to 84.95 kroner ($13.25) on the Stockholm Stock Exchange Tuesday.
(Excerpt) Read more at abcnews.go.com ...
Rest In Peace, old friend, your work is finished.....
If you want ON or OFF the DIESEL "KnOcK" LIST just FReepmail me.....
This is a fairly HIGH VOLUME ping list on some days.....
Petroleum Discovery KnOcK!...............
Blasphemy! Blasphemy! We will hear no vain utterances of the unbelievers against the doctrine of peak oil! Put them on the stakes, sacrifice them to Gaia!
How can there be ‘Peak Oil’ when they don’t know how much is out there?............
You can borrow and spend your way out of a depression, but you can never drill your way out of an energy crisis. /s
Tim Dodson sounds like a nice Scandinavian name.
Perhaps the Brits are finally getting revenge on the Vikings
So, how does a North Sea discovery by Statoil work logistically?
Statoil sets up a rig to produce, then it moves by tanker to...where? Rotterdam?
Where is production from the North Sea refined?
And when does it hit a pipeline?
Just curious. I mostly only follow US aspects, so I am really unfamiliar with how this is going to work in the real world.
Thanks, all.
The World oil market is real just one big market. A huge discovery anywhere will effect everywhere when it finally comes to fruition. Suppose all this oil just goes to Europe, that would take pressure off the rest of the market because Europe would now be getting more oil from the North Sea instead of the Middle East. Even if China were to discover huge oil deposits inside its own territory, that would affect world supplies as a whole....................
From the picture below you can see how it is piped to different mainland locations to be refined.
I am imagining exceptionally high costs for this drilling operation when one considers how treacherous the North Sea can be.
oh, yes, that much is clear. There is no downside to this!!!!
Wow, that is an amazing diagram. Thanks.
Where those pipes intersect with what looks like an island, and there is only a pipe going one way in/out of that island, can we assume that that is an outgoing pipeline? And that there is production right near that island which is going into that pipe?
And...are there people on these islands which are able to operate the pipelines there? (Does anyone actually live on, for example, the Orkney Islands?)
Would you by chance have a map that shows the locations of refineries? Thanks for educating us (or, at least me...).
http://www.fpso.net/page2.html
These typically move the produced oil to the a nearby facility for processing at a refinery. However, it can be shipped anywhere in the world.
But around the North Sea is plenty of refining capability and it usually is shipped nearby.
An FPSO must be, basically, then, a floating city?
I love capitalism.
For example:
They don't "live" on the platforms but the stay for up to weeks at a time, typcially.
The pipelines are one-way, flowing oil and/or gas to the shore facilties.
got it...thanks, I didn’t “think” there were that many islands out there. that is really helpful. There are of course these types of platforms in the Gulf of Mexico.
it doesn’t seem like there are tanks on that...forgive my ignorance, but where is the storage?
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