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 ...
ROTFL thinking of the laws about the size of signs (no billboards allowed) but they’ll ruin the landscape with solar fields. Do they have stinking windmills, too?
But...but...Peak Oil. Remember that?
Technology happens....if oil is a fossil fuel there is a finite supply...fortunately we still have a lot left....now abiogenic oil??....hopefully that is the case...but could be ramblings of flat earther types....
There is a few quadrillion cubic feet of methane and other hydrocarbons in cold storage on Neptune and Uranus.
Those dinosaurs must have really got atound.
Those dinosaurs must have really got atound.
https://en.wikipedia.org/wiki/Fossil_fuel
Hardy plants on the gas giants.
Coal yes. Oil ??
Yes, oil.
What does the presence of hydrocarbons on the gas giants have to do with your argument?
Clearly, there are large quantities of hydrocarbons in the universe. The basic building blocks of hydrocarbons are everywhere.
How they came to be underground in the Earth, is another matter.
Abiotic oil is an old theory. It simply does not seem to hold up in practical application. There may be some truth to it, but biotic oil theory has been used very successfully to find and exploit underground hydrocarbons. Abiotic theory has not.
Here is a good explanation of the basic points of the controversy:
http://richardheinberg.com/richard-heinberg-on-abiotic-oil
The article is a bit old, and does not take fracking into account, but it covers a good bit of the controversy.
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