Posted on 01/02/2012 11:37:44 AM PST by SeekAndFind
A rush of recent reports indicates that the explosion of non-conventional fossil fuel production continues to transform the world. (Non-conventional fossil fuel production is the production of oil and natural gas by hydraulic fracking and horizontal drilling.) In fact, 2011 will mark a major turning point in energy production worldwide -- one with profound geopolitical consequences.
The first report is that Anadarko Petroleum has just raised its estimate for its Colorado Wattenberg field holdings. Anadarko estimates that the field will yield more than one billion barrels of oil and national gas. This would place it right up there with the now-legendary Bakken shale field (in North Dakota) and the Eagle Ford formation (in Texas).
Anadarko is now looking at expanding its operations into Wyoming.
The second story is that North Dakota hit a record high oil production in October of 488,000 barrels per day (bpd). This was up 100,000 bpd (or 25%) from June's production. Lynn Helms, director of the North Dakota Department of Mineral Resources, projects that the state's total oil production will exceed 500,000 bpd next year and 900,000 bpd the year after that. The state will soon surpass California (539,000 bpd) and Alaska (550,000 bpd), rivaling top-producing Texas (1.2 million bpd).
Another story reinforces these bracing estimates. The National Petroleum Council estimates that by 2035 -- if the regulators will just stop endlessly excreting new hurdles -- the U.S. will hit 3 million bpd of shale oil alone. There are about 14 to 16 new American shale oil fields just starting to be exploited.
(Excerpt) Read more at americanthinker.com ...
Not only is America now a net petroleum product exporter, but as expert Dave Ernsberger (global director at energy consulting firm Platts) put it, "[i]t looks like a trend that could stay in place for the rest of the decade. The conventional wisdom is that [the] U.S. is this giant black hole sucking in energy from around the world. This changes the dynamic."
The immense non-conventional oil resources literally below our feet have made Big Oil fundamentally reassess its geo-economic worldview.
Where in the past, the major private oil companies went to faraway (and often dangerous) regions like the North African desert, the Caspian Sea, and the Niger Delta, oil companies are now focusing on developed nations -- for a variety of reasons.
Not only is America now a net petroleum product exporter, but as expert Dave Ernsberger (global director at energy consulting firm Platts) put it, "[i]t looks like a trend that could stay in place for the rest of the decade. The conventional wisdom is that [the] U.S. is this giant black hole sucking in energy from around the world. This changes the dynamic."
The immense non-conventional oil resources literally below our feet have made Big Oil fundamentally reassess its geo-economic worldview.
Where in the past, the major private oil companies went to faraway (and often dangerous) regions like the North African desert, the Caspian Sea, and the Niger Delta, oil companies are now focusing on developed nations -- for a variety of reasons.
Not if Barry and his boss, George Soros, have anything to say about it!!
well, when that translates to more jobs and permanent low fuel prices at the pump, then i will give a half-heart ‘woooohoooo’, until then, im not getting all excited...
well, when that translates to more jobs and permanent low fuel prices at the pump, then i will give a half-hearted
‘woooohoooo’, until then, im not getting all excited...
So much for “peak oil”. They just keep finding newer and better ways to drill it.
Rick Perry is the right guy for this country right now. No doubt he is our energy guy.
Wonder how much oil/gas there is off the east coast?..
Seems almost untouched..
Yeah, if he can figure out the third agency he should eliminate. How did he forget it was the Department of Energy (him being from Texas)?
We’re doing the boom here in Western Oklahoma.....it’s UNREAL....the amount of rigs and pipeline going down are truly amazing. America will be the largest exporter of oil and natural gas in the world by 2017.
He got over that with ease. Did you not see the Letterman show or the next debate? He made light of the situation which was an awesome way to handle the issue! Love the guy!
Probably a ton around Marth’s Vinyard.
The truth is that we are AWASH in hydrocarbons that can be converted into usable fuels whether gas or liquid. The US has more hydrocarbon reserves than all of Arab OPEC combined. The only thing we lack is the political will to permit development where it is economically and ecologically feasible.
Our hydrocarbon resources were documented several years ago in the following study:
Office of the Secretary of Defense, Clean Fuels Initiative presentation by Dr. Theodore K. Barna,
link: http://www.westgov.org/wieb/meetings/boardsprg2005/briefing/ppt/congressionalbrief.pdf
The real question must why do so many people insist that we must not develop our own resources. It is as if they have such a bad case of self-loathing they would rather people suffer and die than enjoy the benefits from inexpensive energy.
We do know that some energy resources were locked up to please voting blocks and gain political points in the process. For example, there is the case of how almost a trillion dollars in coal and natural gas got locked up.
See: http://www.freerepublic.com/focus/news/724170/posts
Using oil and oil shale is racism. It’s better to use bicycles and buy oil from Muslims.
That's a ray of good news, thanks for sharing. Hopefully such a boom will continue unfettered by extreme "environmental concerns"
I believe it was Reagan who said:
The most feared words in the English language are; I’m from the government and I’m here to help!
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