Question of the Week
Each week we take a question from one of our featured authors and put it out to the oil and gas community. It's a chance for you to
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Why would anybody believe in "Peak Oil"?
Who of you believes in 'Peak Oil' i.e. specifically the notion that almost certainly in this decade the all-time oil production peak will occur and thereafter we will be in continuous decline?
A couple of questions:
1. Of all the oil that has been discovered in the world, roughly what % has been produced? The answer is ~10%!?
2. What is the global average recovery factor for fields currently in production? Some would have it as low as around 22%!
Here are some other figures:
- Shifting the average recovery factor offshore Norway from ~45% which is what it is today to their government's target of 50% would add an extra 4 billion barrels or so.
- Enhanced Oil Recovery using CO2 is capable of raising recovery factors offshore the UK by from 4 to 12%, resulting in from almost 3 up to 8 billion barrels of technical reserves. This is 60 to 160 times the most exciting discovery made in the UKCS last year!
- An increase of 1% in the aforementioned global recovery factor would yield almost 90 billion barrels, equivalent to roughly 3 years consumption at current rates.
Submitted by David Bamford from OilEdge
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