Posted on 04/05/2018 7:32:58 PM PDT by SunkenCiv
A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom's biggest ever find, its oil minister said on Wednesday. Independent appraisals by U.S.-based oil consultants DeGolyer and MacNaughton and oilfield services company Halliburton had confirmed Bahrain's find of "highly significant quantities of oil in place ... with tight oil amounting to at least 80 billion barrels, and deep gas reserves in the region of 10-20 trillion cubic feet," Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said. Russia's entire oil reserve is 80 billion barrels. Tight oil is a form of light crude oil held in shale deep below the earth's surface that is extracted with hydraulic fracturing, or fracking, using deep horizontal wells. "Agreement has been reached with Halliburton to commence drilling on two further appraisal wells in 2018, to further evaluate reservoir potential, optimize completions, and initiate long-term production," Sheikh Mohammed told a news conference in Manama... Bahrain, which is rated junk by all three major credit rating agencies, revealed the oil discovery just a few days after yields on its international bonds spiked as investors became more concerned about its rising public debt levels... the daily Al Ayam quoted the head of the financial and economic committee in parliament, Abdulrahman Bu Ali, as saying output was expected to be 200,000 barrels per day. The small non-OPEC Gulf oil producer, with around 124.6 million barrels of proven reserves, gets it oil revenues from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared jointly with Saudi Arabia... The Bahraini government earned US$4.3 billion in oil and gas revenue last year and ran a budget deficit of US$2.7 billion.
(Excerpt) Read more at business.financialpost.com ...
80 Billion barrels of oil is approximately 2.3 years of world consumption at current rates.
A nice find, but not earth shattering.
There are shale formations all over the world. While not as cheap to extract as from the big “elephant“ fields of the 20th century, the amount of oil available dwarfs the elephants.
Basically unlimited hydrocarbons at affordable prices.
Whatever happened to Peak Oil ?
‘’80 billion barrels of oil on the wall/80 billion barrels of oil/you take one down and pass it around....’’. Sorry, couldn’t resist.
That’s not a reference source, that’s a blog entry of pro-Iranian agitprop.
I wonder how long that would take to sing (and it would exceed a single human lifetime, I’d guess)?
“if you lose power, there’s a kite and a key in the trunk”
https://watcheng.tv/en/show/two-and-a-half-men/season-2/episode-4/
;^)
Will-ma!
The conventional model attributes hydrocarbon fuels to the vegetation of the Carboniferous Period. The abiogenic models grew out of the work of the late Thomas Gold.
Oil price stability is likely to remain, that is, until our enemies in Iran use their missiles in Yemen and Eritrea to attack the sealanes. Such an attack happened in the past week or so.
Thanks Shark24.
Well, I was looking for a link I can use on the old hardware and software, and Google didn’t return a link to a cached version, but the other hit was this topic. I feel special. :^) The UK previously had a naval presence there, but it’s been years. The US 5th Fleet is already there.
Professor Gold was a trip. A true iconoclast. The Russians were onto abiogenic models well before Gold, but Gold did some interesting work on the subject.
Oh man, two lifetimes!
;^)
“He said he was not sure yet how much of the estimated 80 billion barrels was recoverable.” Maybe 1% of the oil in place is recoverable and Halliburton will charge them $50/Bbl to extract it. There are over 2 trillion Barrels of kerogen shale oil locked up in Colorado - not yet economical to extract.
Polymath as well. Freeman Dyson wrote the foreword to the “Dark Life” book (I think that was the title, oh well, plunging on) and quietly noted the interdisciplinary interests Gold had and published on (or just spoke about in a public way) and said, his views were often considered “out there”, but various solutions he’d offered for problems turned out to be correct, and in others’ fields. So, Dyson said he’d never bet against Gold. :^)
Yup! And the real science deniers of this era continue to demand that crude be called fossil fuel.
I would love to access an article on solar panels showing their true cost and output.
Vermont, a state tied for the least amount of sunshine, is erecting solar fields everywhere with electric auto charging stations popping up.
And they wonder why electric rates are HIGH .
Somebody wake up Jimmah Cahtah...
No it won’t. We need $70 oil.
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