Posted on 06/07/2021 12:26:23 PM PDT by nickcarraway
When Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Saudi Arabia was no longer an oil-producing country, he likely didn’t mean literally.
“Saudi Arabia is no longer an oil country, it’s an energy-producing country,” the Energy Minister told S&P Global Platts this week.
Saudi Arabia has high green ambitions that include gas production, renewables, and hydrogen.
“I urge the world to accept this as a reality. We are going to be winners of all these activities.
Saudi Arabia will surely benefit from the green transition. While the Exxons, Chevrons, and Shells of the world are busy doing climate activists’ bidding in the boardroom and courtroom, NOCs--particularly in various OPEC nations--are all-too-eager to take advantage of what will surely be increased oil prices.
Already Saudi Arabia has raised its official selling price for the month of July to Asia.
But that doesn’t stop Saudi Arabia from pursuing its green ambitions--the Saudi Green Initiative--while funding those green ambitions through oil sales. Saudi Arabia plans to generate 50% of its energy from renewables by 2030, in part to reduce its dependence on oil. In 2017, renewables made up just 0.02% of the overall energy share in Saudi Arabia.
But that doesn’t mean Saudi Arabia is planning on producing any fewer barrels of oil. And it doesn’t mean that Saudi Arabia is planning on halting funding for all new oil and gas projects
(Excerpt) Read more at oilprice.com ...
The Kingdom has so much sun and empty desert they could power all the middle east and all of Europe with just the land area in the empty quarter of barren hellscape of a desert. Not just electric power,but all energy use via power to liquids, compressed hydrogen gas or liquid cryogenic hydrogen. The amounts of solar energy that they receive is mind boggling. Look up thread just 1.2% of the Sahara today right now with tech humans have on massive scales could power the entire planet. The Kingdom is also the “Saudi Arabia” of solar energy they will dominate that field someday. As noted Sauds never refer to it as Saudi Arabia it’s always the Kingdom when in country you do well to recognize that the house of Saud is not universally loved.
Nuclear?
They must think we have STUPID written on our foreheads!
These sand jockeys are sitting on enough hydrocarbons to power themselves for tens of thousands of years but they're going to ‘diversify’?
How many Forests were once in Saudi Arabia and the rest of the Middle East?
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To find out, you’d have to go back before the Younger Dryas stadial - some 12,800 years ago. After that, worldwide climate changed drastically.
The Kingdom is suspected to contain 268 billion barrels of recoverable oil. The amounts are unknown as they are a closely guarded state secret even petroleum geologists who work in the Kingdom this one included are prohibited from making reserve calculations under penalty of death. That said 268 is the accepted number with possibly another 90 billion of unconventional reserves and “undiscovered” conventional reserves.
The world in 2020 used 92.2 million barrels per day.
The Kingdom could fuel the world for only 2906 days or just under 8 years.
The Kingdom used 158.5 million metric tones of oil in 2019. There are 7.3 bbls of oil in a metric ton. Slight less as Saudi crude is not light sweat crude it’s sour crude on the heavy side of the API scale but we will give them the higher of the numbers. So 158.8*7.3*1E6= 1,159,240,000 Blvd
268E9/1.15924E8= 246.71 years hardly ten thousand.
The Kingdom could fuel The world for only 8 years by itself think about that for a few they are the largest single holder on earth and one fifth the world total. What’s 5 times 8...that’s how much the world has left and as a matter for fact I am a petroleum geologist who works in the regular for Aramco been in the Kingdom dozens of times over two decades.
LOL! I think there’s a restaurant named after Paul Bunyan in Wisconsin. Vaguely remember going there with my parents and sister as a child (grew up in Chicago).
once upon a time, we became energy-independent. And we celebrated American ingenuity and security and a strong economy bootstrapping out of a pandemic that couldn’t beat them.
And then came election fraud.
And within 6 months, we had imported Iranian oil and killed pipelines and drilling, as inflation began it’s climb, starting with $5 gas, $27.99/lb USDA choice (not Angus, not prime) rib eyes and $9/lb tri-tip (SoCal costco today)
The House of Saud is living on borrowed time. They are the “Haves” and everyone else are the “Have Nots”. And the native are restless.
Diversifying the economy opens up new avenues of growth for the Have Nots.
Hell, women can drive there now. (Some restrictions may apply) but it’s a start. A younger generation, educated abroad, are coming into power.
Wow, I just filled my freezer with black Angus T bones 2” thick from Tom Thumb in the 4 per pack value pack limit of four packs @4.97 per LB. 16 steaks each was a 1.5 to 2 lber. Petrol is 2.52 gal at the Sam’s Club down the street and ground Angus was 2.99 lb in 10lb packs.
Everywhere I've seen says Venezuela is no. 1.
Do you believe in peak oil?
The Sauds know the era of oil is coming to a close they have to diversify while they have the oil revenue to do so or they will starve and dehydrate. They need either nukes or massive solar to run the desal plants when the oil is too valuable to burn to the sky.
I tell people all the time oil is top valuable to our species to burn it to the sky. Liquid hydrocarbons are the life blood of modern society not just an energy source much MUCH more importantly they are the basis of modern technology. Plastics of every form, medications, critically fertilizers specially the nitrogen based ammonia,urea and nitrates all based on hydrocarbons. The average American eats the equivalent to two barrels of oil per year just in fertilizers alone. There are alternatives for diesel. Trains can and should be electrified, short haul trucks can be battery electric ask Tesla or Fisker or Ford. Long haul trucks should be electric via overhead wires like the trains down the interstates or in slots in the road way. Trucks do massive hwy damages proven by science to be 9600 times that of cars all long haul freight should be by rail to a local distro point no more long trucks period it would.drastically cut hwy damages and costs. Commuter cars do best with electric the avg American goes 40 miles round trip or less per day the NHTSA shows 80% of the population is under 40 per day. A 300 mile EV is 8 days worth of communting per charge once a week just like filling a tank once a week at the pump with the added benefit of if you have a plug in the garage you have a means to put that 40 miles per day in a few hours over night. For ships and aircraft synthetic liquids make sense ammonia is 17% hydrogen by weight and would work as well as liquid H2. Some time sooner than most would like to admit oil is going to be too expensive to burn and will be reserved for petrochemicals and fertilizers plus plastics. $400 bbl is not going to kill the pharmacy industry for raw materials as the value added to amounts consumed is small. Same for fertilizers , plastics will have an issue but plant based plastics are a thing already.
Saudi is liquid oil and they are by far the largest single source.
Venz is bitumen that is solid or near solid underground and requires huge amounts of steam to make it liquid to pump it out. They are ultra heavy crude or tar sands and that is also super dirty with sulfur that must be removed down to 15ppm or less by the time it is used down from 6% in the ground.
Canada has huge tar sands which require the same treatments it’s dirty energy intensive and expensive. Look up tar sands pits and think of that on a scale the size of Texas to fuel even a portion of the world’s use.
Peak oil likely happened already, if you mean peak production on a global basis. Oil largely follows resource law which states if you double the price of a resource you get a ten times increase in reserves. How much of those reserves are recoverable depends on technology price and geopolitics. Original oil in place is estimated at 13 trillion bbls world wide. Humans have burned 2 of that. The average recovery rate has historically been 20% recovered of OOIP. with tertiary recovery some fields approach 60%. Shale oil recovery rates are 6 to 15% at most. 2019 will likely be peak oil production unless something drastic happens in pricing or technology. The world is moving to be less dependant on oil for good reason for get GW as a species we need the oil for other things than running cars on it. We are going to burn up a few hundred million years of sunshine in under 200. Oil is stored sunshine quite literally it takes over a metric ton of biomass falling to the ocean floor then being buried for at least a 100,000 years to make a single gallon of petrol. Simply put humans are depleting it faster than it we can be made. No professional geologist believes abiotic oil theory we all have down extensive biochemical and geochemical analysts that prove without a shadow of a doubt oil comes from salt water diatoms, algae, and fresh water algae with a VERY small amount under special circumstances from peat bogs and up the coalification chain.
By far the largest hydrocarbons reserves in the planet are deep sea methane hydrates.
From our own DOE
“Once assumed to be rare, gas hydrates are now thought to occur in vast volumes and to include 250,000–700,000 trillion cubic feet of methane and the formation thickness can be several hundred meters thick.”
“In 2019, natural gas consumption worldwide amounted to nearly 3.9 trillion cubic meters.”
So thousands of years of it can be recovered safely and economically two huge it’s no one has succeeded yet. Methane can be used for plastics once turned into c2h2 via catalysts, into ammonia or urea for fertilizers and into liquid lng for ships, trains, aircraft where density matters.
The Saudis hide their trees on the lakeshores behind their massive hydroelectric dams.......
The only natural resources Saudi Arabia has is sunlight, oil, and the farts of inbred camel jockies.
So what you are saying is that the waste water is actually becoming more valuable than the oil.
An “oil” well is really a contaminated salt water well. On average in the Permian basin it’s a 6 bbl of salt water to 1 bbl of oil equivalent yield from a shale well. I have seen as high as 110 to one for wells in water flooding or that breached a fault line and never once below 2 salt water to one oil. Meaning I have never seen a well produce more oil than water it just doesn’t happen in the Permian. At current lithium prices yes there would be times the lithium would be a significant income source for the land owners at current market price of $13 kg for lithium hydroxide.
A typical EV has 10 kg of lithium in it. A typical Permian well will have comparable levels to the Barnett shale so 2000kg a week of available lithium at $13 a kg that’s 104,000 a month in lithium sales. Which the landowners are currently throwing down a salt water disposal well paying $1 to 50 cents a bbl for the services.
While shale wells come in at 1200 to 2400 bbl per day they only do that for the first 180 days or the IP180 they stable out at 300 to 400 bbl oil per day for the next few years. So monthly avg at $45 a big is $405,000 so the lithium is one quarter of the total value and it’s being thrown away right now. I have land owners clamoring for the UT tech which is in limited production as we speak.
The Arabian desert is 900,000 square miles of desolate badlands. The entire energy consumption of humanity could be powered by using just 43,000 square miles of it.
Not just electricity the whole gross sum of humanity consumption from all energy sources everywhere all the time. The amounts of solar energy our local star dumps on the deserts every day is hard for people to grasp but it’s an absolute fact. The Kingdom is the “Saudis Arabia” of solar they have one of the largest resources on earth arguably the largest only Libya would be in the running as a single nation.
Look up thread the math to back this up is posted with the science from peer reviewed work.
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