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Steve Forbes declares : Energy Crisis Over!
Forbes ^ | 10/28/2010 | Steve Forbes

Posted on 10/28/2010 7:43:12 AM PDT by SeekAndFind

The Energy Crisis is Over!

Not because of some humongous breakthrough in alternative energies but because of new ways to access two sources widely used today: oil and natural gas. The recent news story about China's national oil company, Cnooc, purchasing a stake in Chesapeake Energy's Texas shale oil and gas fields and agreeing to pony up most of the capital to develop them underscores what an amazing transformation is taking place in the U.S.' energy picture.

The word "revolution" is overused, but it's truly appropriate when applied to these technological breakthroughs: hydraulic fracturing--a.k.a. fracking--and horizontal drilling. With fracking, drillers inject water, sand and chemicals deep underground to crack gas-bearing rocks. The technology, which has been around for a long time, has advanced dramatically. Literally trillions of dollars' worth of shale oil and gas can now be economically extracted.

Horizontal drilling is another impressive breakthrough that allows us to get to oil and gas that was previously unattainable.

The implications are staggering. Within a decade the U.S. will be a major natural gas exporter. In those Texas Chesapeake fields alone production will reach the equivalent of 400,000 to 500,000 barrels of oil a day. Pennsylvania and upstate New York will also become major gas producers.

Oil production, too, in the U.S. will increase far beyond what experts thought possible a few short years ago.

China made that sweetheart deal with Chesapeake Energy precisely because it wants to learn more about these technologies so it can enormously increase its domestic oil and gas production.

Environmentalists worry that fracking might poison our water, even though the drilling takes place thousands of feet below the water table. Fortunately the technology is there to get at these reserves in an extremely safe way.

The Earth is awash in energy.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: energycrisis; steveforbes

1 posted on 10/28/2010 7:43:14 AM PDT by SeekAndFind
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To: SeekAndFind

Frack Me!! LOL


2 posted on 10/28/2010 7:44:22 AM PDT by Nat Turner (I can see NOVEMBER from my house....)
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To: SeekAndFind

Grrrr. Peak oil. Grrrr. Peak oil . . .


3 posted on 10/28/2010 7:46:10 AM PDT by ModelBreaker
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To: SeekAndFind

Thank God!

Now I can start using my old Terex Titan as my commuter vehicle again.


4 posted on 10/28/2010 7:47:20 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: SeekAndFind

This energy and other domestic sources may be the only thing to save America from bankruptcy.


5 posted on 10/28/2010 7:50:06 AM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: WayneS

Is that one of them hybrids or electric cars?


6 posted on 10/28/2010 7:50:55 AM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: Nat Turner

No fracking way!!


7 posted on 10/28/2010 7:51:47 AM PDT by Obadiah (I can see November from my house!)
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To: SeekAndFind

We don’t need China but Chesapeake want$ them.


8 posted on 10/28/2010 7:54:41 AM PDT by presently no screen name
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To: Frantzie; thackney; Smokin' Joe; BOBTHENAILER; geologist; Red Badger

Bump


9 posted on 10/28/2010 7:55:33 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: SeekAndFind

O’Bama is going to find himself between a rock and a hard place on this one. His Saudi masters and Mr. Soros won’t want him to allow such technology to be used because it is good for the Country. But the Chinese who own us will demand that they be allowed to suck out all the NG they can from TX for their domestic use. What a dilemma

For the record the envirowackos are already attacking fracking as a assault on the pristine environment of PN, NY, WV and other states with large NG deposits. Expect a bill in Congress soon to ban the practice everywhere, but in the Chesapeake fields of TX.


10 posted on 10/28/2010 7:57:20 AM PDT by redangus
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To: SeekAndFind

The problem with Chinese Oil and Gas is every time you fill up, an hour later you’re tank is empty again..............


11 posted on 10/28/2010 7:57:50 AM PDT by Red Badger (WOULD SOMEBODY PLEASE GIVE MEGHAN MCCAIN A BOX OF KRISPY KREMES SO SHE'LL SHUT THE HELL UP?!)
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To: SeekAndFind

That really makes me feel good. We’ve hammered all the formerly major American oil companies into the ground, so now we need to ask the Chinese to develop our oil and gas resources.

And, yes, by the way, all the American “big oil” companies are now midgets by comparison with these foreign companies. No more big oil. Aren’t our hippies happy? No, because they still dream of crushing what’s left of big oil. And every Dem politician still runs on that platform.


12 posted on 10/28/2010 7:58:06 AM PDT by Cicero (Marcus Tullius.)
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To: SeekAndFind

So, does that mean $1.00 a gallon gas is in the very near future? Not holding my breath for that.


13 posted on 10/28/2010 7:58:22 AM PDT by NCC-1701 (HEY, NAZI PELOUSY, ON NOVEMBER 2, WE WILL DRAIN THE SWAMP!)
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To: SeekAndFind

As a owner of mineral rights and interests in natural gas wells all I can say is where is the money? i havent seen it in the last few years


14 posted on 10/28/2010 7:59:07 AM PDT by woofie
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To: Frantzie

It is a hybrid.

With its 15’ diameter tires it can crush electric cars AND buses.


15 posted on 10/28/2010 8:01:01 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: SeekAndFind

bump.


16 posted on 10/28/2010 8:04:25 AM PDT by ken21 (who runs the gop?)
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To: CPT Clay
Thanks for the bump! A lot of the current tech has been developed in the Bakken Three Forks/Sanish play up here. It has made marginal wells into attractive prospects--and done wonders for the regional economy. Horizontal drilling has been used up here for nearly 25 years, and that has advanced by leaps and bounds as well.

It should be no surprise that the Chinese want to tap that knowledge and use it for themselves, and they have been cutting deals for exploitable resources around the world.

17 posted on 10/28/2010 8:04:44 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Cicero
We’ve hammered all the formerly major American oil companies into the ground...

Those companies are still there, they just aren't here. They've moved to places where the climate to do business is actually friendly, They aren't likely to spend the kind of money to go after these shale resources because of the uncertainty being fostered by the Obamalamadingdong Administration. The drilling ban in the Gulf was the last straw for many.

Everybody be sure to wave bye-bye as the rigs pull out, heading for Brazil and the west coast of Africa......'cause they ain't coming back anytime soon.....

18 posted on 10/28/2010 8:05:13 AM PDT by Thermalseeker (Stop the insanity - Flush Congress!)
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To: SeekAndFind
The Greens are already mounting a major anti-fracking scare campaign. I received a panicked email from an acquaintance in upper New York saying her property values had been destroyed by it -- with no evidence to support the claim beyond what was going around the Cornell U. rumor mill.

The anti-fossil fuel fanatics will not let any possible good news for the rest of us go unchallenged. Scare campaigns like anthropogenic global warming seem to work well for them, especially if they can get a few big-name "scientists" to sign on.

19 posted on 10/28/2010 8:05:16 AM PDT by Bernard Marx (I donÂ’t trust the reasoning of anyone who writes then when they mean than.)
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To: SeekAndFind

And who do you suppose will view this as an unhappy development? Hint: those who will oppose fracturing techniques because some of the injected fluid might percolate up to the surface/water table in an eon or ten.


20 posted on 10/28/2010 8:11:08 AM PDT by Bill W was a conservative (Profile, detain, interrogate, deport.)
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To: Frantzie

Paraphrased from an ‘Extreme Trucks’ Website:

The Terex Titan is the largest tandem-axle dump truck ever built. It is powered by a 16 cylinder locomotive engine that delivers 3300 horsepower. This is combined with a huge generator which delivers power to 4 traction engines, one located at each of its rear wheels. The generator produces enough power to supply 250 homes with electricity.

Terex Titan Specifications:

Height: 22.5 ft Height With Box Raised: 56 ft
Length: 66 ft Width: 25 ft
Weight: 260 tons Payload: 350 tons
Max Weight: 610 tons
Horse Power: 3300

Its Tires are 11.5’ in diameter and weigh 4 tons each.

Two greyhound buses and two full-size pick-up trucks can fit in its dump bed at the same time.

...I suppose the traction engines would qualify it as a ‘true’ hybrid...


21 posted on 10/28/2010 8:21:07 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: SeekAndFind

http://www.cnoocltd.com/encnoocltd/aboutus/default.shtml

CNOOC Ltd.

About Us

CNOOC Limited (the “Company”, together with its subsidiaries, the “Group” or “we”), incorporated in Hong Kong Special Administration Region (“Hong Kong”) in August 1999, was listed on the New York Stock Exchange (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001.

The Group is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in oil and natural gas exploration, development, production and sales.

The Group has four major production areas in offshore China, which are Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. In addition, it is one of the largest offshore crude oil producers in Indonesia. The Group also has upstream assets in Nigeria, Australia and some other countries.

As at 31 December 2009, the Group owned net proved reserves of approximately 2.66 billion BOE, and its average daily net production was 623,896 BOE. The Group had 4,019 employees and total assets of approximately RMB 242.3 billion.


22 posted on 10/28/2010 8:26:55 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
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To: WayneS
A picture paints a thousand words...


THE TEREX TITAN
23 posted on 10/28/2010 8:28:36 AM PDT by SeekAndFind
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To: SeekAndFind

Thank you.

I still haven’t figured out how to post pictures.


24 posted on 10/28/2010 8:35:26 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: NCC-1701

No


25 posted on 10/28/2010 8:37:37 AM PDT by thackney (life is fragile, handle with prayer)
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To: SeekAndFind

I believe the new 2011 Congress will early on capitalize on the recently discovered technology that has unlocked many multiples of domestic gas reserves by encouraging more of it. This will:
1. cause many thousands of jobs to appear
2. enrich the governments and landowners in the form of royalties and tax revenue boost.
3. cause an expanding usage of natural gas whether in power generation or transportation as it is cheaper and more environmental friendly than alternatives, as well as require no massive governmental subsidies such as ethanol or wind.
4. strategically, reduce the need for imports, which will improve our balance of payments, reduce the possibility of tanker spills and give us more control of our energy needs.

Obama will veto of course but if presented properly to the public, can be overidden.


26 posted on 10/28/2010 8:40:39 AM PDT by bestintxas (Somewhere in Kenya, a Village is missing its Idiot.)
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To: Bernard Marx

That’s actually funny. In Northwestern Louisiana fracking. Has driven up property and right-of-way prices.


27 posted on 10/28/2010 8:41:40 AM PDT by thackney (life is fragile, handle with prayer)
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To: SeekAndFind

28 posted on 10/28/2010 8:42:00 AM PDT by OB1kNOb (11/02/10 - a political earthquake is about to hit D.C.)
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To: WayneS

LOL

I actually worked on the engineering on that truck back in the 70s.
It did use the traction motors for braking but had no energy storage.

The electricity generated from braking was turned into heat in resistive grids and dumped into the atmosphere with cooling fans.


29 posted on 10/28/2010 8:46:06 AM PDT by nascarnation
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To: Smokin' Joe

Has hydraulic fracturing evolved recently or is it advances in horizontal, steerable drilling and using fracking with that?


30 posted on 10/28/2010 8:46:29 AM PDT by thackney (life is fragile, handle with prayer)
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To: SeekAndFind

Look for the demonrats and envirowackos to rain on this parade. For instance, look at the recent announcement by the dim governor of PA:

Rendell halts further leasing in Pennsylvania state forests

http://www.ogj.com/index/article-display/7626485094/articles/oil-gas-journal/exploration-development-2/2010/10/rendell-halts_further.html


31 posted on 10/28/2010 8:47:44 AM PDT by epithermal
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To: thackney
Has hydraulic fracturing evolved recently or is it advances in horizontal, steerable drilling and using fracking with that?

Short answer: It's a combination.

Neither technology is new. Fracking has been around for a long time, with frac fluids tailored to the formation, whether acid is used to open pore throats, or the pressure of the frac fluid to induce fractures to enhance drainage from the wellbore.

Combined with a horizontal wellbore which can put two or more miles of wellbore through a formation when a vertical wellbore might have only penetrated six feet of thickness, frac technology has the opportunity to further enhance the effect the wellbore itself provides--namely the further improvement of the improvement created by horizontal drilling.

Another technology, pretty much unsung, is the development of MWD tools (measurement while drilling) which make it possible to get real-time data in regards to formation characteristics, the angle of the wellbore and azimuthal direction, as well as the orientation of steering tools, enabling steering the wellbore in an economical fashion compared to older directional drilling techniques.

New advancements in both MWD and directional drilling are constant in a highly competitive industry. I should note the development of better drill bit technology goes hand in glove with the MWD and other downhole tool tech—the advancement has occurred on several fronts at the same time.

These technologies in concert have made the large scale development of gas shales and formations like the Bakken and Three Forks not only possible, but an economic winner.

All the technologies are in a constant state of change, as competitors jockey for an edge in efficiency or data quality which enables them to win out in a highly competitive marketplace.

Typically, development of such technology starts offshore where drilling in different directions from one spot is a real money saver because the operation is relatively expensive to begin with, but relocating the rig and infrastructure costs are significantly less when multiple wells can be drilled (and later produced from one site. Those benefits have funded a lot of the raw R&D over the years, and the spin-off from the developments offshore to applications onshore has made the current natural gas and oil activity possible.

Needless to say, the Chinese will be looking at more than frac technology, and with an eye to apply it both onshore and off.

32 posted on 10/28/2010 9:52:39 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: thackney
It makes sense that smart people in LA would see the benefits. This link explains what it's all about, especially the "documentary" called "Gaslands" -- shades of an "Inconvenient Truth" (and probably the same bunch behind it).

GASLANDS

33 posted on 10/28/2010 10:05:42 AM PDT by Bernard Marx (I donÂ’t trust the reasoning of anyone who writes then when they mean than.)
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To: Smokin' Joe

Thanks for taking the time for that Joe.


34 posted on 10/28/2010 10:20:36 AM PDT by thackney (life is fragile, handle with prayer)
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To: Bernard Marx
We've got property about 10 miles South of the southern-most well on this linked map.

http://dnr.louisiana.gov/haynesvilleshale/haynesville.pdf

It keeps moving our way. We are very hopeful it continues.

35 posted on 10/28/2010 10:26:03 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

You’re welcome, thackney!


36 posted on 10/28/2010 10:35:53 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Thermalseeker

Yes, that’s part of it. But also, Exxon used to be the biggest oil company in the world, and the Seven Sisters were the 7 biggest and most influential.

Now, they are midgets compared to the Russian and Chinese national oil companies, or even Petrobras.


37 posted on 10/28/2010 12:03:29 PM PDT by Cicero (Marcus Tullius.)
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To: Cicero
Now, they are midgets compared to the Russian and Chinese national oil companies, or even Petrobras.

Yep, amazing what can happen when your gubmint isn't standing in the way. Obama signed on to several billion dollars in loan guarantees to Petrobas, meanwhile putting up a drilling moratorium on domestic drilling in the Gulf. Even more amazing is it's the Chi-coms and the Russians showing us how to do it. There's a real good lesson to be learned here, but it will no doubt fall on deaf ears. It's quite clear that Obama's main foreign policy goal is to make sure other Marxists thugs around the world prosper while the USA is left in ruins....

38 posted on 10/29/2010 6:35:07 AM PDT by Thermalseeker (Stop the insanity - Flush Congress!)
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