Oil discovery rocks Brazil

Oil discovery rocks Brazil

www.cnn.com

RIO DE JANEIRO, Brazil (AP) -- A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said.


A gas station worker refuels a taxi with natural gas at a Petrobras gas station Thursday in Rio de Janeiro, Brazil.

The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable li

(visit the link for the full news article)

This is why I am against the theory know as PEAK OIL. Originally we were supposed to hit it in 1995, then 2003, then 2006. Now we find a new discovery that could lead to the addition of 8 billion barrels of oil. Yes that is recoverable oil. My problems with PEAK OIL is they only account for what is recoverable. The science was created in the 1970's, tweaked and tweaked to come up with the theory. Technologies change, more oil become available. PEAK OIL, the theory, does not include oil extracted from the oil sands of Canada or the Orinoco river bed in Peru. They also do not include oil extracted from Shale. Here in the NorthEast US, we are sitting on a ton of shale deposits. They exclude this mostly because at the time it was considerd a price of $80 per barrel was necessary to make it profitable. Well, guess what? The technology is far greater now and that price is significantly lower to turn the profit. Anyone see the price of oil lately?? I would think its time to start including such resereves in any forecast.

Also, when going into PEAK OIL, they do not include oil that is hard to get at, or politically impossible to drill for. There are oil reserves in the North Sea that is deemed to dangerous to drill for, well technologies change and things become easier. Eventually if there is oil there, we will go get it.

PEAK OIL does not include the vast sum of oil in the ANWR reserve in Alaska because it is politically incorrect, nor can we drill off the Atlantic coast of Florida becauser there is a reef there.
You know what? If PEAK oil happens, trust me...They will be lining up to drill in these places.

Everyone tells me PEAK OIL must be real if the Oil companies them admit to it themselves. Hmmm, let me get this straight. Admit to something that will raise th price of what you produce. Sounds like a great idea to me if I owned an oil company. When we pass the time, we can always say, technology advancements and new finds have prolonged the peak, but hey...ITS COMING, so you better pay up.

I have gone off the track of the thread, and I am sorry about that, but this is why PEAK OIL does not exist, atleast not for now. How can we go through everything mother earth built in her billions of years, in less than 100 years? JUST NOT POSSIBLE.

OH YEAH, why do you think everyone is trying to lay claim to North and South POLES????? OIL OIL OIL OIL!!!! some natural gas too.

How much is up there? down there? I guess we'll have to puch bak the PEAK OIL date .......... again, when we drill and find out.

www.cnn.com
(visit the link for the full news article)

Originally posted by traderonwallst


This is why I am against the theory know as PEAK OIL. Originally we were supposed to hit it in 1995, then 2003, then 2006. Now we find a new discovery that could lead to the addition of 8 billion barrels of oil. Yes that is recoverable oil. My problems with PEAK OIL is they only account for what is recoverable. The science was created in the 1970's, tweaked and tweaked to come up with the theory. Technologies change, more oil become available. PEAK OIL, the theory, does not include oil extracted from the oil sands of Canada or the Orinoco river bed in Peru. They also do not include oil extracted from Shale. Here in the NorthEast US, we are sitting on a ton of shale deposits. They exclude this mostly because at the time it was considerd a price of $80 per barrel was necessary to make it profitable. Well, guess what? The technology is far greater now and that price is significantly lower to turn the profit. Anyone see the price of oil lately?? I would think its time to start including such resereves in any forecast.

Also, when going into PEAK OIL, they do not include oil that is hard to get at, or politically impossible to drill for. There are oil reserves in the North Sea that is deemed to dangerous to drill for, well technologies change and things become easier. Eventually if there is oil there, we will go get it.

PEAK OIL does not include the vast sum of oil in the ANWR reserve in Alaska because it is politically incorrect, nor can we drill off the Atlantic coast of Florida becauser there is a reef there.
You know what? If PEAK oil happens, trust me...They will be lining up to drill in these places.

Everyone tells me PEAK OIL must be real if the Oil companies them admit to it themselves. Hmmm, let me get this straight. Admit to something that will raise th price of what you produce. Sounds like a great idea to me if I owned an oil company. When we pass the time, we can always say, technology advancements and new finds have prolonged the peak, but hey...ITS COMING, so you better pay up.

I have gone off the track of the thread, and I am sorry about that, but this is why PEAK OIL does not exist, atleast not for now. How can we go through everything mother earth built in her billions of years, in less than 100 years? JUST NOT POSSIBLE.

OH YEAH, why do you think everyone is trying to lay claim to North and South POLES????? OIL OIL OIL OIL!!!! some natural gas too.

How much is up there? down there? I guess we'll have to puch bak the PEAK OIL date .......... again, when we drill and find out.

www.cnn.com
(visit the link for the full news article)

you must consider the cost of extracting this oil,

"The Tupi field lies under 2,140 meters (7,060 feet) of water, more than 3,000 meters (almost 10,000 feet) of sand and rocks, and then another 2,000-meter (6,600-foot) thick layer of salt. The company drilled test wells that lie under 2,166 meters (7,100 feet) of water, 286 kilometers (177 miles) south of Rio de Janeiro."

it will be difficult and costly,resulting in the oil being sold at an increased price.

i suggest this is more to do with the share prices of the company involved.

[edit on 9-11-2007 by wierdalienshiznit]

Originally posted by wierdalienshiznit
you must consider the cost of extracting this oil,

"The Tupi field lies under 2,140 meters (7,060 feet) of water, more than 3,000 meters (almost 10,000 feet) of sand and rocks, and then another 2,000-meter (6,600-foot) thick layer of salt. The company drilled test wells that lie under 2,166 meters (7,100 feet) of water, 286 kilometers (177 miles) south of Rio de Janeiro."

it will be difficult and costly,resulting in the oil being sold at an increased price.

Oil is already at an increased price. That's 800 BILLION dollars worth of oil down there at current prices. The funds required to get the operation going would be a tiny percentage of 800 billion so it's economically feasible. In addition, oil sands are now economically feasible at the current prices and the estimates are that 2/3 of the world's current oil supply is locked up in tar sands. I don't think peak is coming anytime soon.

reply to post by BlueTriangle


A Pennsylvanian. You might be sitting on top of some of that shale Oil I was speaking about. I have a small little summer place in the Poconos myself. Closing it this weekend

Originally posted by BlueTriangle

Originally posted by wierdalienshiznit
you must consider the cost of extracting this oil,

"The Tupi field lies under 2,140 meters (7,060 feet) of water, more than 3,000 meters (almost 10,000 feet) of sand and rocks, and then another 2,000-meter (6,600-foot) thick layer of salt. The company drilled test wells that lie under 2,166 meters (7,100 feet) of water, 286 kilometers (177 miles) south of Rio de Janeiro."

it will be difficult and costly,resulting in the oil being sold at an increased price.

Oil is already at an increased price. That's 800 BILLION dollars worth of oil down there at current prices. The funds required to get the operation going would be a tiny percentage of 800 billion so it's economically feasible. In addition, oil sands are now economically feasible at the current prices and the estimates are that 2/3 of the world's current oil supply is locked up in tar sands. I don't think peak is coming anytime soon.

the same thing applies to the reserves you mention above.

the age of cheap oil is over.

its called diminishing returns.

Diminishing returns is still returns. And think about it. These oil companies profited greatly over the last 6 years, from what? Drilling? NO

It was the reserves. Oil they drilled out and had sitting around. In the early 2000's demand was low. After 9-11 demand fell off the map and oil traded below $20 for a short time. This, besides the FED actions, was a huge reason that the economy and hence stock market took off post 9-11.

Well, all that has caught up with oil companies and now we are seeing losses and write downs on inventory. Oil prices have risen and they aer selling oil that was booked at much higher prices into inventory. As long as there is .1% profit avaialbel, they will continue to pump this stuff. It is all about profit and diminishing returns are profit until they are negative returns. When they hit that point, production gets cut until demand requires higher prices and then they will sell whats on the books and begin producing again.

Its all a cycle. It has happened time after time after time. Remember it was not too long ago that these companies were recieving subsidies to prevent them from going bankrupt. Believe it or not, after the mergers are done, if oil comes down, they will once again be given subsidies to stay afloat. As much oil as they produce, if the price declines they lose money. It is in their best interest to promote PEAK OIL, it allows them to artificailly inflate the price through calls of dwindling supplies and increased demand.

On a side note, deman in the US decline by .9% for the first 9 months this year as compared to last year. Demand in China increased 38%. I believe once the Olympics are over in China, they will again stop spending on infrastructure and once again spend, spend, spend on military. The demand for oil will decline from China.

PEAK OIL theories will never go away, they will just continue to be tweaked, just like Global Warming.

Another massive esoteric oil find? It's the timing of these unconfirmed discoveries that I find interesting. Remember the last one?...Chevron's 3-15 billion bbl Jack #2 deep-water Gulf discovery. It was announced the first week of Sept 2006 when gas prices were rising ahead of the elections. By mid-Sept pump prices began to fall with a little additional help from Goldman Sachs.

Hear anything about the Jack #2 discovery lately? Noticed pump prices?

For a little perspective, lets allow Petrobras their maximum estimate of 8 billion bbls. If the feasibility study proves-out, and production can begin by 2015...at current EIA estimates, 8 billion bbls would satisfy three months global consumption.

I haven't developed a firm position on the peak-oil issue, but drilling miles beneath the sea-bed to tap reserves tells me that economic deposits are becoming harder to find...usually means more $ passed-on to the consumer.


This is the news that managed to send oil lower & share price higher in 2006.....temporarily:

Major U.S. oil source is tapped

So ya know what?

Lets us Drill in ANWR. Let us Drill off the coast of Florida.

We know the oil is there, especially in ANWR. Its also not not miles beneath the ground. The damn reason the Caribou are in the way in the first place is the Alaskan Pipeline. The moved their normal herding range to include this area becasue the congregate close to the pipeline for warmth. I say lets install some heatin gunits up ther out of the way of the reserve and drill drill drill. Stop the dependence on foreign oil!!!

I vote we not give the oil companies any more of our money. Ride bicycles, drive electric cars, walk, find a job you can do online and eliminate driving to work in the morning. It is time to KISS OIL DEPENDENCE GOODBYE. How long are people going to let oil companies suck your wallets dry? Are you going to wait until the very last drop of oil is sucked out from fifty miles underground before you look for alternatives? OIL CONTROLS YOUR LIVES!!! Be free and be oil free. I cannot believe people are discussing out of the way scenic places that we can suck a few more gallons of oil out from under instead of looking for an alternative. Must......have.......oil....cough, cough.....oil.

Originally posted by traderonwallst

Lets us Drill in ANWR. Let us Drill off the coast of Florida.

We'll go nuclear first Trader. For an update, just google search; US nuclear reactors.

To underscore my previous post, when average US gas prices spiked above $3.00 last April...suddenly, out-of-the-blue, we were flooded with redundant, disputed, and unreliable news releases about untapped Iraqi oil reserves.

Iraq's Oil Reserves Could Be Twice as Large as Previously Thought, Analysis Says

New Findings Peg Iraq's Oil Reserves At 200 billion Barrels

These news releases were based on a study supposedly conducted by the oil analyst firm; IHS Inc. The report was met with skepticism by insiders.

Truth? Prior to the Iraq invasion, the Iraq Petroleum Company (IPC), the Iraqi National Oil Co...and major oil firms like ExxonMobil, Japex, Ascom, Petronas and Repsol...spent a few decades surveying this same Western desert. The prognosis was discouraging. In 2004, the results of recent surveys by American geological groups estimated the area’s proven reserves at half-a-billion...to one-and-a-half-billion...a long way from proving-up 200 billion bbls of oil.

Not surprising that the IHS Inc board of directors is comprised of connected ex-defense industry, and Wall St. banking personnel...several from Citigroup not to mention at least one CFR member.

Call me wonky, but it's hard to discount the timing on these declarations. When gasoline is ramping...I take reports like that out-of-Brazil with-a-grain.

The "Peak Oil" scenario is just another part of the the "scarcity" scam. There's not enough: oil, water, land, food, air.

Ok, so what are you going to do about it?

First steal all we can and hoard it so we can slowly dole it out. This will give us complete control over the population as what ever money they can scrape together will have to be spent on thread bare survival. Then we will suppress new technologies that could optimize all resources. Finally we will make the population believe that the scarcity is caused by the population itself. We will convince the people that there is just too many of them to feed.

So, things like pestilence and famine will seem like a natural progression of civilization. Then we can easily turn them against themselves by manipulating a few events and convincing them that survival of the fittest is the human way. Then once the robot workers are completed and humans are finished programing the internet. We can eliminate a few major population centers and drive the fear component into overdrive

That's a great plan who thought of it?

Well its outlined in the Iron Mountain Re[port en.wikipedia.org...

Although, it certainly resembles Babylonian world view.

It could even have off world origins.

Do you really think our oil supply comes from dead dinosaurs and million year old vegetation?

Oil does not power our civilization.

Fear powers our civilization

Ignore oil, ignore scarcity, ignore fear and most of all ignore civilization

Civilization is not your friend, Civilization is not here to help you

Live to love and love to live!

Originally posted by NWRHINO
Do you really think our oil supply comes from dead dinosaurs and million year old vegetation?

I wonder who started this misinformation. Dead dinosaurs only produce fossil (if conditions are right). No energy source there. Dead vegetation produces coal (under the right conditions). Petroleum on the other hand (according to the biogenic theory) is produced from plankton and algae (again, under the right conditions).

Plankton and algae form one of the largest sources of biomass on the planet. Algae is thought to produce 50-70% of our oxygen supply. So it's not difficult to imagine the hydrocarbon known as petroleum comes from them, as they scrub carbon from the atmosphere (via CO2) and release oxygen.

yeah,
Brazil got new reserves.........from where?
from the ultra-deep well they drilled.

what does that mean?

well, if drilling goes down to 30,000-40,000 feet, then
one will tap into the 'Abiotic' reserve of petroleum
that is continually being made from a mantle/bacteria/crust
process.

see: freeenergynews.com...




after linking that page, you will find a wide menu of links,
in one of the links you will find info that cryptically explains
just why Russia has developed such a glut of nice grade oil
where they hadn't ant before.
It all started with the the first 40,000 ft ultra-deep well they explored with...
since then (in the late 1970s) the Russians have drilled some 310
more of these ultra-deep wells (+30,000 ft deep)
to tap the global lake of petroleum which the Earth continually
replenishes...................and is basically in-exhaustable !

listen to the pessimist 'Peak Oil' proponents (including most of these thread repliers)........that's your choice


thanks

Originally posted by NWRHINO
The "Peak Oil" scenario is just another part of the the "scarcity" scam. There's not enough: oil, water, land, food, air.

Ok, so what are you going to do about it?

First steal all we can and hoard it so we can slowly dole it out. This will give us complete control over the population as what ever money they can scrape together will have to be spent on thread bare survival. Then we will suppress new technologies that could optimize all resources. Finally we will make the population believe that the scarcity is caused by the population itself. We will convince the people that there is just too many of them to feed.

So, things like pestilence and famine will seem like a natural progression of civilization. Then we can easily turn them against themselves by manipulating a few events and convincing them that survival of the fittest is the human way. Then once the robot workers are completed and humans are finished programing the internet. We can eliminate a few major population centers and drive the fear component into overdrive

That's a great plan who thought of it?

Well its outlined in the Iron Mountain Re[port en.wikipedia.org...

Although, it certainly resembles Babylonian world view.

It could even have off world origins.

Do you really think our oil supply comes from dead dinosaurs and million year old vegetation?

Oil does not power our civilization.

Fear powers our civilization

Ignore oil, ignore scarcity, ignore fear and most of all ignore civilization

Civilization is not your friend, Civilization is not here to help you

Live to love and love to live!

all non renewable resources have a finite amount.

they will all run out.

not everything that happens is directed by some super powerful conglomerates somewhere pulling the puppet strings.

Originally posted by St Udio
yeah,
Brazil got new reserves.........from where?
from the ultra-deep well they drilled.

the abiotic reserve is of low hydrocarbon content,the amount of energy used to extract it out is hardly worth the the energy contained in the burning of its hydrocarbons.

why not use something else,its only oil....

...and its killing the world.

[edit on 11-9-2007 by worldwatcher]

reply to post by traderonwallst


If you know anything about the Gull Island Oil find, there is enough oil up there to rival Saudi Arabia. The Oil shortage is an artificial one. Limited refinery capacity is also an artificial problem.

www.americanfreepress.net...

As far as I can see, these oil barons are traitors and probably should be hanging from the gallows. But justice will elude us for some time.

Is America gonna invade Brazil next?

We'll see.

Originally posted by TheoOne
Is America gonna invade Brazil next?

We'll see.

It's for the best. After all who else can run Brazil better than America? Or to be more precise than the corporate mafia that controls America?

No China is more than likely trying to buy the field right now. We have plenty of oil, The oil company's don't want to spend the money for drilling when the can buy most of it cheap from the mid-east and rape the sheeple back home.