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BP in 'giant' new oil discovery

Discussion in 'The Pub' started by Farab, Sep 3, 2009.

  1. http://news.bbc.co.uk/2/hi/business/8233504.stm

  2. yeah, Peak Oil my asss !!

    Once this gets tapped into and extraction methods are made easier, and the fields of Azerbaijan are exploited . . . its back to selling carpets for some arab nations ! hehe

    No seriously, I think the world should stiill invest into finding renewable energy sources. :)
  3. So

    When will the war start, then?
  4. you know, if you keep that attitude up, some people might think your a bit cynical
  5. Peak oil isn't about the end of oil, it's about the end of cheap and abundant oil.

    I wouldn't get too excited about this just yet. The hole they drilled is 10 kilometers deep. It will be 10 years before any oil is pumped from this baby. The price of oil will have to exceed $100 per barrel, in today's dollar, for this to be economically viable.

    All this goes to show is that all of the easy to get at oil is gone. We're looking at the hard to get at oil and it will be much more expensive to get out of the ground.

    The other thing is that new discoveries are still not matching current consumption. Giant oil fields like Cantrell in Mexico production has plummeted from it's peak production.


    The world needs to find more oil to replace the depletion of existing oil fields like Cantrell. Australia's oil production peaked in 2000.

    Peak Oil will happen as there is a finite amount of oil in the world. It's only a question of when. The peak oil production so far was in 2005, since then production has been flat despite prices nearly reaching $150 per barrel last year.

    Every time we've had a recession in the 4 decades, the price of oil has skyrocketed. 1973, 1979, 1990 and 2008.
  6. C'mon Bonk. There's a good in eve..

    What the hell am I saying.