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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: J_F_Shepard who wrote (270043)	7/4/2002 2:17:28 PM
From: SeachRE	Read Replies (1) \| Respond to of 769667

JF, No point arguing over shale oil. It is NOT economically recoverable now, and probably ever. "Theoretically" is a key word I used, and the US needs only to reduce oil import by 10% to cause OPEC to come to its senses. We can be typing here for months arguing over this and that detail such as the effect of prices over supply&demand,conservation/alternative sources of energy,possible confiscation of Iraq oil fields etc. IMO, high tech will play a major role in nearly eliminating US oil dependence in 30-50 years. It is a very dynamic process from my standpoint.

To: J_F_Shepard who wrote (270043)	7/4/2002 3:21:26 PM
From: JEB	Respond to of 769667

Oh, by the way, I owe you an apology. I used the word "potential" when I should have used the word "recoverable", ...my bad! However, for your information: Reserves and Resources "Proved reserves" are estimates of the amount of oil recoverable from known reservoirs under current economic and operating conditions. Total global proved reserves have been estimated at approximately 1 trillion barrels since the late 1980's, because additions to reserves from new discoveries and from revisions to previous estimates have approximately matched the annual volume of oil produced (or withdrawn). Proved oil reserves reflect only a fraction of the oil that a reservoir may hold, and say nothing of reservoirs that have not yet been evaluated. Historically, only some 30 percent of the total oil in a reservoir -- the "original oil-in-place" -- was recoverable. As pressure declines in the reservoir, the oil becomes costlier and costlier to produce until further production becomes uneconomic, as discussed in the section on oil production. However, as discussed in Upstream Technology, recent advances now allow greater recovery from old reservoirs. "Recoverable resources" is a broader category, encompassing estimates of both proved and undiscovered volumes that would be economically extractable under specified price-cost relationships and technological conditions. By definition, there is a lower level of certainty attached to resource estimates than to proved reserve estimates. eia.doe.gov