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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: elmatador who wrote (93845)	11/21/2007 6:35:01 AM
From: calgarydude	Read Replies (2) of 206158

Elmat, The Petrobras field, if it is proven to contain 8 billion barrels of oil, would contain enough oil to supply the world for about 93 days. In other words, to keep world oil production continuing at present levels, we would need to discover a field of this size every three months on a continuing basis forever. Peak oil theory does not say that no more oil will be found - it simply says that discoveries will not keep pace with the requirements of replacing aging fields and meeting new demand growth. The world is already "awash in oil" if you count low grade deposits that are very difficult to produce and upgrade (Alberta, Orinoco, Utah, etc). But the days of cheap, easy-to-produce, high quallity oil appear to be over - that is why the price of oil is nearly $100 a barrel right now. The idea that "if we just drill a little deeper" that there are huge reserves waiting to be found will probably turn out to be an illusion.

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