Posted by LAA on June 11, 2014 at 20:08:47 from (86.51.147.113):
In Reply to: Petroleum question posted by wile E on June 11, 2014 at 12:41:01:
I have worked in the Drilling industry for 40 years and proven reserves have increased every single one of those years, mostly due to advances in seismic technology. There are estimated reserves and proven reserves, the difference being proven reserves usually involve test wells subject to intensive reservoir testing and formation mapping so that accurate estimates can be made while estimated reserves come from seismic data and computer models based on nearby formation data. As far as running out of oil anytime soon consider that 95% of the worlds oceans have never been explored and roughly 80% of the worlds land mass has not been explored/exploited. The Gulf Of Mexico outer continental shelf has been rejuvinated 3 times in my carreer, all related to technological advances in reservoir mapping technology. As fracking techniques are refined and the process gets cheaper prices could go down as not only the USA's production increases but as the technology takes root in other areas of the world. When you consider that 10 years ago American suppliers were building infrastructure to import LNG and today that same infrastructure has been turned into export apparatus it is nothing short of miraculous. Without fracking and the resultant energy boomlet there would have been zero economic growth in the USA the last 5 years, a rather incovenient fact for all of those politicians who oppose the industry.
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