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Thread: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by drz-400 View Post
    Yes, i know how it works. If Occidental "cracked" the monteray they would prefer not to have it on front page news until they were able to buy up all of their prospective acreage. Everyone in the industry knew the Monteray was not yet productive. There is a lot of oil, its a question of how to get it out.

    Great example of what i am talking about, Brigham Exploration in Nodak, they finally figured out how to make the Bakken productive about 4 years ago by copying EOG. Know what they did? Quickly shut in the well so no one could see the massive gas flare and quitely bought up as much acreage as possible before word got out...
    Since we are not talking about "acreage", but leases, your argument doesn't hold....nor does it negate the fact that even after your "acreage" is purchased, the news of the find would attract investors to whoever controls the acreage or lease.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Shale Boom Goes Bust As Costs Soar

    Shale Boom Goes Bust As Costs Soar | Zero Hedge

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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by reinoe View Post
    Was The Fukushima Disaster just a bi-partisan plot to convince the nation of the dangers of nuclear power?

    Anyway, I'd be in favor of investing more heavily in Solar and Wind. I'm not ruling out Nuclear power either, but I don't think this country has the maturity to handle the long term perspective required with Nuclear Power.
    Fukushima killed zero people. While it was certainly a major problem that requires a lot of ongoing efforts to clean, up, we need to keep a little perspective here.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by reinoe View Post
    Was The Fukushima Disaster just a bi-partisan plot to convince the nation of the dangers of nuclear power?

    Anyway, I'd be in favor of investing more heavily in Solar and Wind. I'm not ruling out Nuclear power either, but I don't think this country has the maturity to handle the long term perspective required with Nuclear Power.
    Really, we've only been using it for decades. Just because the Japanese screwed up by putting an nuke plant in an obviously poor location without the proper safeguards, doesn't mean everyone else should stop using it. The plant was old and outdated, and planned for a shutdown anyway.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by DA60 View Post
    'May 21 (Reuters) - The U.S. Energy Information Administration (EIA) on Wednesday cut its estimate of recoverable oil in California's Monterey shale by 96 percent, casting doubt on what was once thought to be America's next major energy play.

    In what could be welcome news for environmentalists and a potentially bad omen for oil drillers, such as Venoco Inc, with large leases in the region, the EIA slashed its forecast of technically recoverable reserves, citing production difficulties from initial wells.

    The reserves were downgraded by 96 percent, from 13.7 billion barrels estimated by a government-funded report in 2011, to just 600 million barrels, the EIA said. A detailed report is expected to be released next month.'

    UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct | Reuters
    So fracking in a known high risk earthquake area... sounds really stupid.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by Deuce View Post
    Fukushima killed zero people.
    Not true at all. It has killed hundreds if not thousands of people. The people sent in at the start were volunteers and they have died and are dying as we speak of radiation exposure.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by American View Post
    Really, we've only been using it for decades. Just because the Japanese screwed up by putting an nuke plant in an obviously poor location without the proper safeguards, doesn't mean everyone else should stop using it. The plant was old and outdated, and planned for a shutdown anyway.
    Yes and looking at our infrastructure right now you'll excuse me if I don't believe for a second that our nuclear facilities are all up to date and that we would maintain them.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by reinoe View Post
    Yes and looking at our infrastructure right now you'll excuse me if I don't believe for a second that our nuclear facilities are all up to date and that we would maintain them.
    They aren't paid for by tax dollars. Or did you forget that's how our country works. Tell me how many accidents we've had.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by Helix View Post
    i'm in favor of it, especially thorium, if that tech pans out.
    Thorium Salt reactors are definitely an interesting alternative. They appear to meet pretty much everyone's requirements.
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    Re: UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct

    Quote Originally Posted by DA60 View Post
    Oil companies have no reason to pump up the figures?

    Are you serious?

    The more oil they say is down there, the less worried people get about developing alternatives and the more money/grants they can extract from the government to get the oil.

    It is in BOTH the oil companies AND the gov't's interest to provide 'good' numbers.
    If there were any gamesmanship at play here it would be the more obvious deflation of estimates to create a false scarcity.
    Give a man a fish and he eats for a day. Teach a man to fish and he stops voting for the Free Fish party.

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