10-21-06, 04:49 PM
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#54
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Navy Seal 
Join Date: Mar 2000
Posts: 8,643
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Originally Posted by CB..
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Originally Posted by waste gate
Yes it's off topic and perhaps a new thread is waranted. Until then I have a bit of food for thought.
"Despite the continued growth in global consumption of petroleum, proven oil reserves have increased steadily over the past twenty years, in large part because oil companies have revised their estimates of reserves in known fields. According to the Oil & Gas Journal’s production estimates, during the period of 1970 to 2000, 680 Gb of oil was produced, but 980 Gb of reserves were added. Under old technologies, oil companies could only retrieve about 35 percent of the oil in place; with enhanced technologies, including directional drilling, companies have increased that amount and with new technologies, it is believed that it is possible to extract up to 65 percent of the oil in the field. Moreover, three and four dimensional seismic exploration technology has led to revised estimates of oil that can be economically extracted. Reserves are defined by economic as well as geological considerations; one reason that reserves increase is that companies do not invest funding in exploration and enhanced recovery until there is a demand and the prices of oil warrants the expenditure."
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ok thanks for that....this is certainly news to me:hmm: |
From Oil and Gas Journal's own 'about us' page ( http://www.ogj.com/aboutus/about.cfm):
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The Oil & Gas Journal, first published in 1902, is the world's most widely read petroleum industry publication. Each week the Journal delivers the latest international oil and gas news; analysis of issues and events; practical technology for design, operation and maintenance; and important statistics on international markets and activity. The Oil & Gas Journal is designed to meet the needs of engineers, oil management and executives throughout the oil and gas industry. Since 1910, The PennWell Petroleum Group has been the industry leader for coverage of and service to the worldwide petroleum industry. Its foundation magazines are Oil & Gas Journal, Offshore Magazine, Oil, Gas & Petrochem Equipment, Oil & Gas Financial Journal, LNG Observer and The Petroleum Buyers' Guide. The group also produces targeted e-Newsletters, hosts global conferences and exhibitions, seminars and forums, directories and technical books, print and electronic databases, surveys and maps.
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PennWell Petroleum clearly has a horse in this race. I wouldn't take industry statements, especially those from the oil industry, at face value. We need to get off of oil.
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