What does that translate to in, say, barrels and barrels per day? One cubic meter is roughly 1 cubic yard. Doesn't sound like a very high flow rate, 220 cubic yards per day. Is this discovery really all that significant?
Very good. Numbers matter in the world of oil.
Oil of typical density is about 7.5 barrels per ton. So this is 615 million barrels. Not spectacular, but not peanuts.
Flow rate quoted doesn’t mean much, but their quote would be 1300 barrels/day. Not spectacular, but far superior to a typical US shale well in the Permian or Bakken.
The critical issue is a US shale well may flow 900 barrels/day on day 1, but by day 365 it will be down 50%. That won’t be so for this Russian find because it is not shale.
“What does that translate to in, say, barrels and barrels per day”
About 1200 barrels a day which is quite respectable. About 120,000 dollars a day. Note, this is the discovery well and as they define the field there may be better wells in the field. Put a platform in and drill multiple wells from it. The real question is how big is the field.
1200 barrels a day is worth drilling for.
one tonne of crude oil ~6.5 barrels (1,030 litres; 273 US gallons)
7.1 barrels per ton. So 582 million barrels. Global consumption is right around 100 million barrels per day.
So less than a week of global consumption.