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The World Has 53.3 Years of Oil Left
fool.com ^ | June 22, 2014 | Matt DiLallo

Posted on 06/22/2014 10:52:21 AM PDT by ckilmer

The World Has 53.3 Years of Oil Left

By Matt DiLallo |
June 22, 2014 |

 

Photo credit: BP.

BP (NYSE: BP  )  has provided an intriguing update to its global oil reserves estimate in the company's latest yearly review of energy statistics. BP raised its reserve estimate by 1.1% to 1,687.9 billion barrels, which is enough oil to last the world 53.3 years at the current production rates. However, there's likely a lot more oil left in the tank beyond what BP sees today.

America's energy boom surges
A good portion of the growth in global oil reserves in BP's report comes from the United States. According to BP, the U.S. has 44.2 billion barrels of oil reserves, which is 26% higher than it previously thought. It's also quite a bit more optimistic than the U.S. Energy Information Administration, which recently increased its estimate to 33.4 billion barrels of reserves, or 15% more than previously thought. 

The overall cause for that surge in oil reserves is that America's shale oil plays -- the Bakken, Eagle Ford and Permian Basin -- are now being unlocked through horizontal drilling technology.

Despite the big boost in reserves over the past year, there appears to be much more oil potential in each shale play, with the Permian Basin really standing out.

Source: Pioneer Natural Resources Investor Presentation. 

As that slide points out, Pioneer Natural Resources  (NYSE: PXD  )  now estimates the Spraberry/Wolfcamp shale formations in the Permian Basin contain 75 billion barrels of recoverable oil and gas. That number is actually a major upward revision from last year when Pioneer estimated the two formations held 50 billion barrels of recoverable oil and gas.

These Permian Basin plays now make the Eagle Ford and Bakken shales look small in comparison. Yet the recoverable reserve estimates of both of those shale plays also continue to grow. In the four years since EOG Resources (NYSE: EOG  ) began developing the Eagle Ford shale it has drastically revised its reserve estimates. The company now believes it will recover 3.2 billion barrels of oil equivalent on its land position, which is up from less than 1 billion barrels in 2010. New technologies and techniques, including closer spacing of wells, are providing a big boost to future reserve estimates.

Source: EOG Resources Investor Presentation (link opens a PDF).

Next up for America
As those three plays do all the current heavy lifting to grow reserves, new oil plays continue to emerge. The two most promising appear to be the Tuscaloosa Marine shale in the Gulf Coast region and several shale plays in the Rockies. EOG Resources this year unveiled four new horizontal oil discoveries in the Rockies, proving yet again that America's energy boom is just getting started.

EOG Resources estimates that it will ultimately recover about 400 million barrels of oil equivalent as it develops its acreage in the Rockies. However, keeping in mind the company's nearly fourfold boost to its estimated recovery figure in the Eagle Ford shale, it's likely there is a lot more upside in the Rockies as EOG Resources and others develop the oil rich shales in the region.


While the world as BP sees it might just hold 53.3 years' worth of oil, that certainly does not mean we'll run out of oil anytime soon. New shale plays continue to be discovered in the U.S., which should fuel substantial gains in reserves over the next decade. There's plenty of oil still left in the world's tank thanks to the development of America's shale resources.


TOPICS: Business/Economy
KEYWORDS: energy; fracking; gas; hydrocarbons; methane; oil; opec; peakoilbs; petroleum
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1 posted on 06/22/2014 10:52:21 AM PDT by ckilmer
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To: ckilmer

How long have we been using oil in a serious way?


2 posted on 06/22/2014 10:53:06 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: ckilmer

Start squeezing Gore’s head.


3 posted on 06/22/2014 10:56:07 AM PDT by dragonblustar ( Psalm 103, Psalm 37:7, Ephesians 6:12)
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To: ckilmer

Until we find more next month. And the month after that....


4 posted on 06/22/2014 10:57:00 AM PDT by all the best
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To: ckilmer

What a dumb @$$ theory.

Let’s suppose that is true. We then switch to the 220 trillion cubic feet of natural gas we now know we have within the continental United States.

Boom...problem solved. If ever we run out of NG, move on to coal.


5 posted on 06/22/2014 10:59:29 AM PDT by servantboy777
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To: ckilmer

Filled my tank yesterday so I’m good for a week at least.


6 posted on 06/22/2014 10:59:39 AM PDT by humblegunner
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To: thackney; bestintxas; Kennard; nuke rocketeer; crusty old prospector; Smokin' Joe

Two interesting things to point out in the article
1.) Rising estimates on recoverable oil in the Permian.

“As that slide points out, Pioneer Natural Resources (NYSE: PXD ) now estimates the Spraberry/Wolfcamp shale formations in the Permian Basin contain 75 billion barrels of recoverable oil and gas. That number is actually a major upward revision from last year when Pioneer estimated the two formations held 50 billion barrels of recoverable oil and gas.”

2. Another mention of Tuscaloosa Marine shale in the Gulf Coast region as promising area along with a couple Rocky mountain plays.

“The two most promising appear to be the Tuscaloosa Marine shale in the Gulf Coast region and several shale plays in the Rockies. EOG Resources this year unveiled four new horizontal oil discoveries in the Rockies,”


7 posted on 06/22/2014 11:00:09 AM PDT by ckilmer (q)
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To: ckilmer

Almost the entire earth will all be under the oceans in 10 years so what difference does it make?


8 posted on 06/22/2014 11:00:22 AM PDT by Iron Munro (The Obamas' Black skin has morphed into Teflon thanks to the Obama Media)
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To: ckilmer

The World Has 53.3 Years of Oil Left

For many decades, the proved oil reserves have usually remained 40~50 years left.


9 posted on 06/22/2014 11:02:06 AM PDT by thackney (life is fragile, handle with prayer)
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To: ckilmer

how many times in the past has a peak oil prediction been given and been nothing but a dry well?


10 posted on 06/22/2014 11:02:38 AM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: ckilmer

The World Has 53.3 Years of Oil Left

What they should be concerned with is how much “TIME” they personally have left. No one is guaranteed a next breath . .a next minute. I would be looking up. . .get ready. . .Jesus is coming back for His church. . .then He will be coming back with His saints to reign 1000 years and clean up all of this mess. However, woe to those who do not believe. Before the very end there will be massive catastrophes everywhere and

Oil won’t matter then. . .there will be continual burning fire without it. Your main concern is your relationship with Jesus and whether your family and friends believe. Scoff if you want. . .but there is a final day on earth as we know it for everyone. Christians will not escape tribulation. . just look at those experiencing persecution and no one seems to care.

http://www.patburt.com/


11 posted on 06/22/2014 11:08:58 AM PDT by Maudeen ("End Times Warrior - Just a Sinner Saved by Grace")
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To: dragonblustar
Start squeezing Gore’s head.

Air does not provide energy.

12 posted on 06/22/2014 11:10:12 AM PDT by Right Brother
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To: ckilmer
Gulf oil were drilling wells all over OK and TX from the 80's well into
the 90's. Many people working those fields told me outright that the wells
were being found and capped for no apparent reason and they didn't understand it.
Most were frustrated by it also because of the assumed hyperboyle of the so called
fossil fuel myth.


In case you don't know, Fossil Fuel was a disinformation
campaign propagated
by the very same people against Coal whereas the oil was derived from
Dinosaurs and would run out. The exact opposite is true and oil does replenish itself.
How long earth pressures take to create said oil is not yet known
but it has been simulated and recreated.

13 posted on 06/22/2014 11:13:25 AM PDT by MaxMax (Pay Attention and you'll be pissed off too! FIRE BOEHNER, NOW!)
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To: ckilmer

I’m 67. No problemo.


14 posted on 06/22/2014 11:14:59 AM PDT by morphing libertarian ( On to impeachment and removal (IRS, Taliban, Fast and furious, VA, Benghazi)!!!)
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To: ckilmer

So, when we run out of oil, won’t that pretty much solve the climate change thing?


15 posted on 06/22/2014 11:15:13 AM PDT by RG3
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To: ckilmer

The Earths Core is creating the Oil a sending it to us for free


16 posted on 06/22/2014 11:16:34 AM PDT by molson209 (Blank)
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To: ckilmer
The World Has 53.3 Years of Oil Left

I call bullsh!t on this one. I think it's 53.4 years. So there. :-P

17 posted on 06/22/2014 11:16:35 AM PDT by Alberta's Child ("What in the wide, wide world of sports is goin' on here?")
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To: dragonblustar

>>> Start squeezing Gore’s head. <<<

It would pop like a zit, and be filled with the same stuff.


18 posted on 06/22/2014 11:19:31 AM PDT by AFreeBird
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To: driftdiver

19 posted on 06/22/2014 11:20:37 AM PDT by thackney (life is fragile, handle with prayer)
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To: Alberta's Child
It doesn't really matter, because all the fields will be underwater in 35 years due to the rising seas from global warming.

-PJ

20 posted on 06/22/2014 11:22:02 AM PDT by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: ckilmer
Whif we run out, we can just make the stuff, it is just a hydrocarbon, after all.

CO2 conversion to Gasoline, Diesel, Jet Fuel, etc.

21 posted on 06/22/2014 11:23:14 AM PDT by PeaceBeWithYou (De Oppresso Liber! (50 million and counting in Afghanistan and Iraq))
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To: Alberta's Child

Libs want you to believe 3 things about oil.

It’s FINITE (not renewable).
It’s from dinosaurs (not renewable).
It makes evil oil companies rich.

Truth be damned with lib-tards.


22 posted on 06/22/2014 11:23:48 AM PDT by bicyclerepair (The zombies here elected alcee hastings. TERM LIMITS ... TERM LIMITS)
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To: MaxMax

its called abiotic oil ,a never ending replenishing supply the Russians came out with the theory years ago, but was never widely accepted in us.


23 posted on 06/22/2014 11:25:16 AM PDT by Gill (Gill)
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To: thackney

So basically about 50 years.


24 posted on 06/22/2014 11:33:43 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver

I would still call it a serious use before 1964.

I would say it was a serious requirement for our economy before WW2.


25 posted on 06/22/2014 11:38:10 AM PDT by thackney (life is fragile, handle with prayer)
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To: ckilmer

The experts said it was going to be warm and sunny here today with calm winds. It’s windier than hell already. Hmmmm. Bad news for the guys fighting the fires.


26 posted on 06/22/2014 11:38:52 AM PDT by FlingWingFlyer (Feed the wacko enrviromentalists to the starving polar bears.)
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To: Gill
but was never widely accepted in us

Or anywhere else.

27 posted on 06/22/2014 11:38:55 AM PDT by thackney (life is fragile, handle with prayer)
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To: ckilmer

28 posted on 06/22/2014 11:40:12 AM PDT by MuttTheHoople (Ob)
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To: ckilmer
Hollywood has long admonished about evil Corporate interests keeping us dependent on oil...

T'Pol: "Were they aware at this time [2004] that Earth's supply of fossil fuel was nearing depletion?"
Archer: "They had been for 30 years... But it wasn't until 2061 that they finally did."

29 posted on 06/22/2014 11:41:41 AM PDT by mikrofon (ST:Enterprise w/ Scott Blechula)
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To: ckilmer

Peak oil again? I thought this died 10 years ago.


30 posted on 06/22/2014 11:43:30 AM PDT by Red Steel
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To: ckilmer

I’ll be long gone.


31 posted on 06/22/2014 11:47:32 AM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: Iron Munro
Almost the entire earth will all be under the oceans in 10 years so what difference does it make?

LOL! A positive spin on the problem! There's no problem. Besides, all those billions of dead humans along with plants and animals will cook over time and replenish the oil. That's the ticket. (I like your humor!)

32 posted on 06/22/2014 11:54:04 AM PDT by roadcat
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To: ckilmer

Note to self. Fill up the cars the night of Sunday, September 25, 2067.


33 posted on 06/22/2014 11:57:11 AM PDT by ProtectOurFreedom
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To: ckilmer

WHAT IF THEY’RE WRONG?
SUPPOSE THERE’S ONLY 53.2 YEARS LEFT?
TAXES MUST BE RAISED AND FREEDOM CURTAILED!!!
IT IS THE WORLD’S ONLY HOPE!


34 posted on 06/22/2014 11:57:45 AM PDT by MrBambaLaMamba (Obama - "I will stand with the Muslims")
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To: ProtectOurFreedom

By that time we will be the Jetons’, so regular gas won’t get it.


35 posted on 06/22/2014 11:58:14 AM PDT by Kackikat
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To: MaxMax

Gulf oil were drilling wells all over OK and TX from the 80’s well into
the 90’s. Many people working those fields told me outright that the wells
were being found and capped for no apparent reason
............
its always economics. Oil prices collapsed in the late 80’s and 90’s. The price was too low and the technology wasn’t good enough.

Now the price is great the technology is much much better.

You can believe those same wells are being turned on now.


36 posted on 06/22/2014 12:01:48 PM PDT by ckilmer (q)
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To: ckilmer

Stupid headline. It’s possible that at some time it will become too expensive to get oil from the ground, so that we no longer choose to get it from the ground. But we won’t “run out” of it.


37 posted on 06/22/2014 12:02:23 PM PDT by I want the USA back (Media: completely irresponsible. Complicit in the destruction of this country.)
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To: Iron Munro
Almost the entire earth will all be under the oceans in 10 years so what difference does it make?

We'll need something to power our houseboats.

38 posted on 06/22/2014 12:04:42 PM PDT by RegulatorCountry
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To: ProtectOurFreedom

Well played sir


39 posted on 06/22/2014 12:07:31 PM PDT by ReaganÜberAlles (Remember, you can't spell "progressive" without "SS".)
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To: Political Junkie Too

All the fields will be underwater....
so, invest in submarine drilling equipment...


40 posted on 06/22/2014 12:13:17 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: humblegunner

Used to be once a week before retirement. Now it’s about once a month, sometimes longer.

Ah, an oasis, though slowly turning mirage.

But I think - even fossil laden - there’s a hell of a lot more down there yet.


41 posted on 06/22/2014 12:17:30 PM PDT by onedoug
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To: ckilmer

Jimmah Arter was dead certain we’d be totally out of oil in 2000. He was dead wrong.


42 posted on 06/22/2014 12:22:36 PM PDT by txrefugee
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To: driftdiver; ckilmer
How long have we been using oil in a serious way?

Oil and the origins of the ‘War to make the world safe for Democracy’

43 posted on 06/22/2014 12:26:31 PM PDT by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your teaching is my delight.)
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To: ckilmer

The “fool.com” quite often publishes something, which indicates that their name is to be taken literally, not ironically.


44 posted on 06/22/2014 12:27:47 PM PDT by USFRIENDINVICTORIA
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To: ckilmer

Gonna run out of oil, eh?

When pig learn to fly, then bacon will be sky high.

And wing shooters will start using buckshot.


45 posted on 06/22/2014 12:28:36 PM PDT by GladesGuru (Islam Delenda Est. Because of what Islam is - and for what Muslims do.)
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To: ckilmer

Didn’t the original ‘peak oil’ lie have us running out of oil last year?


46 posted on 06/22/2014 12:28:57 PM PDT by GOPJ (Hey IRS - those receipts you wanted? The dog ate 'em.)
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To: ckilmer

Speculators pumping and dumping again.

Got to keep that price up there.

Do the same with a stock and go to jail.


47 posted on 06/22/2014 12:35:19 PM PDT by hadaclueonce (Because Brawndo's got electrolytes. Because Ethanol has Big Corn Lobby)
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To: Right Brother

Yeah, but rocks have oil in them sometimes.


48 posted on 06/22/2014 12:55:53 PM PDT by driftless2 (For long term happiness, learn how to play the accordion.)
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"According to BP, the U.S. has 44.2 billion barrels of oil reserves"

At 18 million barrels per day U.S. consumption (less than what we use now), that would be 2,456 days' worth--a little less than 7 years.

"As that slide points out, Pioneer Natural Resources (NYSE: PXD ) now estimates the Spraberry/Wolfcamp shale formations in the Permian Basin contain 75 billion barrels of recoverable oil and gas."

...about 11 years' worth, but that's including the natural "gas" in "oil and gas." Also, remember that hundreds of millions more people in Asia and other countries will likely begin driving during the years to come. Oil is also extremely important for the various nations' military forces (huge consumption there in times of war). And you know that nations have been positioning to fight over remaining oil resources. There's been no real fight over oil, yet.

[Little perspective for you there.]

Oil and fuel prices will generally go way up in the long run. Meanwhile, the various constituent groups and their lobbyists are effectively outlawing wood used as fuel in the very near future (see new EPA rule, especially the second phase in 5 years), while their NGOs push on the airwaves for crushing used vehicles.

You've been lied to about the plan for shutting down coal as a fuel for power plants. The plan is to switch to natural gas for firing those plants. The Investors/bosses in natural gas are going to make a killing, and natural gas prices will also go sky high.

They've already begun pushing for production of bugs as food.

Eat Your Bugs!
http://www.freerepublic.com/focus/f-news/3144062/posts

Eat Bugs, Not Meat, Say 'Global Warming Researchers'
http://www.freerepublic.com/focus/f-news/2657954/posts


49 posted on 06/22/2014 1:00:28 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Alberta's Child
You are quite wrong!

It is 53.75 years. I remember because it was 53.75 years ago that it was predicted we would run out of oil just before St. Swithin's Day.

Why can't one politico just come out and say,

..."look folks, the world is going to be running on nature's hydrocarbons like oil, natural gas, and coal for at least the next coupla centuries, so let's get with it, while we develop and phase in new energy sources, like safe nuclear, fusion, hydrogen, etc."

That, BTW, is George Bush's Fault. When we elected an "oil man," the very least I was expecting was a sane oil policy. Instead, he fluffs it off, and we get a homosexual Kenyan and a gang of Greenies throttling our economy. These queers and environmentalists think it is people who pollute Mother Gaia (except for illegal aliens and Third Worlders, of course), do not want us driving personal vehicles, or eating meat, and somehow have the power to make us suffer.

Oil? Saudi Arabia alone could supply world needs for the next 53.75 years. Easy. There is no "oil shortage." What there is is oil price-fixing. Saudi Arabia et al in OPEC are simply selling something that costs them $10/barrel to produce for $100+/barrel. Not to worry, our oilco boys are in on it with them.

50 posted on 06/22/2014 1:00:54 PM PDT by Kenny Bunk (The GOP is dying. What do we do now?)
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