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Post by missouriboy on Jul 28, 2022 21:20:06 GMT
MORE OIL! And lots of it. Pack your bags Non.
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Post by flearider on Jul 29, 2022 4:31:16 GMT
MORE OIL! And lots of it. Pack your bags Non.
prob knew that was there for the last 10 yrs same with the falklands ... but while there making money why should they pump it out ?
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Post by nonentropic on Jul 29, 2022 17:59:25 GMT
It's harder to find than people think but when the stars align it is impressive.
They will produce 1 million bbl/d for a decade then decline, don't forget that's not even 1% of global demand.
For the region, royalties and economic activity yield something like 50% of the revenue to them so $100 million per day is $50 million for the locals which is $17B/yr. The problem is who gets the tax and royalties. It can be very good for a region.
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Post by missouriboy on Jul 29, 2022 21:04:41 GMT
It's harder to find than people think but when the stars align it is impressive. They will produce 1 million bbl/d for a decade then decline, don't forget that's not even 1% of global demand. For the region, royalties and economic activity yield something like 50% of the revenue to them so $100 million per day is $50 million for the locals which is $17B/yr. The problem is who gets the tax and royalties. It can be very good for a region. And that is a very poor region. They could use the income, if they can keep the 1% from stealing it all.
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Post by missouriboy on Aug 3, 2022 3:35:11 GMT
Non. You may have some comments on this one.
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Post by nonentropic on Aug 3, 2022 8:38:57 GMT
the first little issue is the 16000ft fossil depth maximum. it's rubbish. The palio boys would be amused.
In much of the US and here also there are formations that have been deeper than 16000ft and are at the surface now, full of fossils.
He tries to build a picture of smoke-filled rooms with deals done. Many have tried but the market is the market.
not that interesting a story.
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Post by missouriboy on Aug 3, 2022 19:10:09 GMT
Thanks. When I was an undergrad in geology back in the early 70s, the abiotic theory of petroleum origins was making the rounds in some circles. I moved on to other endeavors outside of geology and have not followed the science since. As you say, the market will tell the tale.
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Post by missouriboy on Sept 1, 2022 5:31:00 GMT
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Post by ratty on Sept 1, 2022 9:19:38 GMT
Is there any consensus here on this point?
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Post by gridley on Sept 1, 2022 11:23:36 GMT
Is there any consensus here on this point? Can't say whether there is consensus, but the cost of extraction would be partially controlled (more for some less for others) by electricity costs... which are more or less a function of whether we figure out that most "renewables" don't work for baseload production and nuclear does. If we start talking about the "overall economic system" we also need to have a serious conversation about what percentage of the population does useful (productive) work.
In one of Heinlein's books he commented that "wherever there is power and mass to manipulate, man can live". He was of course something of an optimist but he wasn't far off. Of course he wasn't enough of a fool to say "... man WILL live..." His comment about stupidity being a death sentence may have been meant for the individual but I think it is actually true of society overall.
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Post by ratty on Sept 1, 2022 11:50:40 GMT
Is there any consensus here on this point? Can't say whether there is consensus, but the cost of extraction would be partially controlled (more for some less for others) by electricity costs... which are more or less a function of whether we figure out that most "renewables" don't work for baseload production and nuclear does. If we start talking about the "overall economic system" we also need to have a serious conversation about what percentage of the population does useful (productive) work.
In one of Heinlein's books he commented that "wherever there is power and mass to manipulate, man can live". He was of course something of an optimist but he wasn't far off. Of course he wasn't enough of a fool to say "... man WILL live..." His comment about stupidity being a death sentence may have been meant for the individual but I think it is actually true of society overall.
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Post by douglavers on Sept 1, 2022 12:03:40 GMT
The Martians think that Earth's Western World has reached an era that will become known as Peak Stupid.
Their economists think that most Earthlings will shortly be suffering a state labelled "Economic Depression".
They cite the forecast of energy prices in the strangely named United Kingdom reaching 1$ per kwh [in local terms] in an annual half cycle. They do not think that any economy quaintly named "advanced" can prosper with such prices.
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Post by glennkoks on Sept 2, 2022 1:42:42 GMT
The Martians think that Earth's Western World has reached an era that will become known as Peak Stupid. Their economists think that most Earthlings will shortly be suffering a state labelled "Economic Depression". They cite the forecast of energy prices in the strangely named United Kingdom reaching 1$ per kwh [in local terms] in an annual half cycle. They do not think that any economy quaintly named "advanced" can prosper with such prices. Apparently the wave of the future is EV. If that is the case the world will come to the conclusion that the only way we can go all electric is via nuclear energy. Unfortunately nuclear energy does not have the blessing of the green revolution either.
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Post by missouriboy on Sept 2, 2022 4:29:57 GMT
The Martians think that Earth's Western World has reached an era that will become known as Peak Stupid. Their economists think that most Earthlings will shortly be suffering a state labelled "Economic Depression". They cite the forecast of energy prices in the strangely named United Kingdom reaching 1$ per kwh [in local terms] in an annual half cycle. They do not think that any economy quaintly named "advanced" can prosper with such prices. Apparently the wave of the future is EV. If that is the case the world will come to the conclusion that the only way we can go all electric is via nuclear energy. Unfortunately nuclear energy does not have the blessing of the green revolution either. Anything this side of the Neolithic is probably not acceptable. They WILL miss Starbucks and Twitter though.
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Post by gridley on Sept 2, 2022 11:08:52 GMT
The Martians think that Earth's Western World has reached an era that will become known as Peak Stupid. I would love to believe that we have, in fact, reached the peak. But the momentum seems to still be upward. :-(
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