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Politics : Peak Oil reality or Myth, of an out of Control System
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From: dvdw©6/25/2011 10:29:54 AM
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Chevron claims there is another 60 billion barrels in the Permian Basin.....what happened to peak oil depletion we ask chevrons ceo? Oh my....took 80 odd years to understand how oil moves through naturally fractured rock, leaving large amounts trapped along its migration path....top down movement all thanks to nucleation.

Here is an outtake from a larger piece that makes the claim.

Since the first commercial well was drilled in the 1920s, about 40bn barrels of oil equivalent have been produced, 30bn of which were oil.

That leaves projections of 60bn left in the ground, according to Chevron.

“There is a reason we never got out of the Permian,’’ said Mitch Mamoulides, Chevron’s manager for the Permian south. “We’ve only produced a fraction of what is down there, and we keep getting more and more of it.”
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