And that prediction is based on what besides wishful thinking?
#3 | Posted by Diablo at 2013-11-13 04:25 AM | Reply | Flag: Flag:
authored by PCI Fellow and former oil and gas industry geoscientist J. Dave Hughes,
"Over 80% of the oil produced and marketed comes from two basins: Texas' Eagle Ford Shale and North Dakota's Bakken Shale, both of which are visible from outer space satellites.
" ... Taken together shale gas and tight oil require about 8,600 wells per year at a cost of over $48 billion to offset declines," Hughes writes. "Tight oil production is projected to ... peak in 2017 at 2.3 million barrels per day [and be tapped by about 2025] ... In short, tight oil production from these plays will be a bubble of about ten years' duration."
At current production rates, Hughes concludes, there is 5 billion barrels of shale oil located underneath the Bakken and Eagle Ford, which equates to a measly 10 months' worth of oil
Industry proponents rely on a figure known as "technically recoverable reserves" when they promote the potential of shale basins. The figure that actually matters though, is production rates, or what the wells actually pull out of the reserves when fracked.
#4 | Posted by PunchyPossum at 2013-11-13 05:43 AM | Reply | Fla
Try some Preparation H for that butthurt, Diablo.