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      04-14-2008, 08:04 AM   #23
ganeil
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Quote:
Originally Posted by Neurorad View Post
There is oil in them thar hills!

I'm stating clearly that there is no 'new' oil find.

We've just changed our defininition of 'oil reserves' because the existing, known 'unconventional' oil sources can now be counted as 'economically accessible' with the high price of oil.

Edit - 'economically accessible' is what the USGS calls 'technically recoverable'.

Edit #2 - 'undiscovered oil' means calculated estimates of volumes, a misleading term
Can you point me to a reference for your assertion that USGS equates "technically recoverable" with "economically accessible?" Everything I read shows them to be two distinct analyses.

For example, this is taken from a USGS publication concerning AMWR:



Figure 4. Schematic graph illustrating petroleum volumes and probabilities. Curves represent categories of oil in assessment. An example of how one reads this graph is illustrated by the blue and orange lines projected to the curve for economically recoverable oil. There is a 95-percent chance (i.e., probability, F95) of at least volume V1 of economically recoverable oil, and there is a 5-percent chance (F05) of at least volume V2 of economically recoverable oil.
Sidenote 3:

In-place resources.—The amount of petroleum contained in accumulations of at least 50 MMBO without regard to recoverability.

Technically recoverable resources.—Volume of petroleum representing that proportion of assessed in-place resources that may be recoverable using current recovery technology without regard to cost.

Economically recoverable resources.—That part of the technically recoverable resource for which the costs of discovery, development, and production, including a return to capital, can be recovered at a given well-head price.
I believe the press release issued last week referred only to an increased estimation of technically recoverable resources.
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      04-17-2008, 09:18 PM   #24
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I think the question is if those assets are ecnomically recoverable. "Shale Oil" isn't exactly cheap to extract.
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      04-24-2008, 08:34 PM   #25
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Gentleman - allow me to correct a couple of misconceptions being tossed around here. I have 20+ yrs of exploration / development experience in the Western Canadian Sedimentary Basin, and I'm quite familiar with the Bakken play.

The Bakken is currently the hottest conventional oil play in Canada. Discovered almost 60 yrs ago, until recently was it deemed uneconomic. It is NOT a shale play.

The Bakken formation is a late Devonian / early Mississippian unit that consists of a carbonate (limestone/dolomite) sandwiched between 2 shale units. Localized dolomitization of the carbonate unit produces good porosity, however the low permeability (in most cases less than 0.05 millidarcies) means the OIP *Oil in place* is unable to be produced economically. And there are tremendous reserves in place.

Horizontal drilling has been around for some time, but until recently, even these did not allow the formation to flow to the wellbore. We now have a technique called Super Frac which allows the horizonal wellbore to be isolated with a series of packers and then frac'd (fractured).

Big play ... big oil. BTW ... it's verey light sweet crude (> 38 degree API)
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      04-24-2008, 08:38 PM   #26
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Thank you for your input.

What do you know about the Tupi field off the Brazilian coast?
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      04-24-2008, 08:54 PM   #27
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Quote:
Originally Posted by ganeil View Post
Thank you for your input.

What do you know about the Tupi field off the Brazilian coast?
Tupi is a huge new discovery Petrobras (Brazil's national oil company) announced late 2007). Estimates as high as 8 BILLION barrels of recoverable oil (light sweet crude).

That's the good news. The bad is that it's

a) Super-deep *water depth is over 2100 metres (7000 ft)*
b) The reservoir is another 5000 metres (+16000 ft) deep.
c) The reservoir is overlaid by a 2000 metre thick sequence of salt *which makes it extremely difficult to image seismically*

I'd say Petrobras is a wee bit early coming to the market with reserve claims after drilling only one (or two) wells, but hey, that's the way they do business down there.

Indeed it looks like a promising find, but it will take some time to delineate the extent of the field. Also ... given the depth (and temperatures at that depth), production will be ultra-expensive.
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      04-25-2008, 04:13 PM   #28
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Thanks, Calgary Agent.

In layman's terms, you're saying the oil in the Bakken formation is now accessible, because of new technology? Was new oil discovered there, as claimed by the USGS 'Fact Sheet' and press release?

Why wouldn't it be stated clearly in the press release?
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      04-25-2008, 05:43 PM   #29
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Quote:
Originally Posted by Neurorad View Post
Thanks, Calgary Agent.

In layman's terms, you're saying the oil in the Bakken formation is now accessible, because of new technology? Was new oil discovered there, as claimed by the USGS 'Fact Sheet' and press release?

Why wouldn't it be stated clearly in the press release?
I wouldn't put a lot a faith in anything a gov't agency reports (with respect to reserves). The same is true here in Canada (they would be the last to know).

The reason companies never pursued the Bakken trend (State-side or in Canada) is because when they originally discovered it, it was dismissed as a zone that couldn't be produced, and oil/gas companies simply turned their attention to economic prospects. Nobody ever bothered to spend the time estimating the potential for the zone as it was technically impossible to exploit it economically. Of course since the price of oil went from $20-$40/bbl, then $70, $90, and now close to $120/bbl, interest was rekindled. Thanks to modern drilling / frac'ing techniques, it's been a prize worth revisiting.
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