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| Topic: U.S. could surpass Saudi oil output..... | |
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 It starts again.
What are you talking about? Do you believe we have limited oil in this earth? If so, why? Are you not aware that Russia has been drilling deep for oil for quite a while now? In fact, they will be supplying China with oil. Also, the rich Elite have been producing and refining oil in Alaska for a long time. You are not aware of this? 
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Edited by
Jeanniebean
on
Thu 10/25/12 05:29 PM
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U.S. could surpass Saudi oil output by 2020 USA Today, October 23, 2012 NEW YORK (AP) — U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7% this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951. By the end of this year, U.S. crude output will be at its highest level since 1998 and oil imports will be lower than at any time since 1992, at 41% of consumption. Four straight years of crude production increases? Hmmmmm...... I don't think it will compete well when the world's energy companies are becoming state owned. snippet: http://www.investmentu.com/research/crude-oil-forecast.html The other key change to occur in the oil markets is the state-run oil companies’ rise to power, surpassing international oil companies such as ExxonMobil (NYSE: XOM) in importance. Investors are going to have to get used to western businesses losing their monopoly on many of the world’s most-prized oil fields. Instead, Brazil’s Petrobras ADR (NYSE: PBR) and China’s Petrochina ADR (NYSE: PTR), CNOOC ADR (NYSE: CEO) and Sinopec ADR (NYSE: SHI) are quickly taking over. Other large, state-controlled energy companies include Russia’s Gazprom ADR (OTC: OGZPY) and Rosneft. As evidenced, many are still publicly traded and listed on global stock exchanges. In fact, the 13 largest energy companies in the world, measured by the reserves they control, are now owned and operated by governments. Not to mention State-owned companies now control more than 75% of all crude oil production, while multinational oil companies produce just 10% of the world’s oil and gas reserves. This performance underscores the momentum of a nascent but increasingly marked shift away from the western, international oil companies that have dominated the sector, towards their state-owned counterparts in China, Brazil and Russia. Example: On October 22 2012: The BP (British Petroleum) formed a close partnership with Russia, selling 50% of TNK-BP to Russia’s state-run oil company for $12.3 billion in cash. Bob Dudley will recommend BP accept a cash and share deal worth more than $26bn (£16bn) from Rosneft for its Russian business at a board meeting on Friday. The exact details of the tie-up under which BP sells its 50% holding in its TNK-BP joint venture were still being worked on but it looks as if Dudley is willing to take a 15% share in Rosneft with the rest being handed over in cash. http://www.businessweek.com/news/2012-10-22/russia-off-limits-to-big-oil-after-bp-wins-putin-s-approval |
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How the above will effect Exxon:
Last year Exxon made a deal with Rosneft for 3.2 Billion Artic and Black Sea drilling Venture but future contracts of a similar scope are now out of the question for American oil companies say the experts. “For foreign oil companies seeking to expand production and reserves, Russia is now off limits,” Robbert Van Batenburg, head of research at Louis Capital Markets LP in New York, said in a telephone interview yesterday. The BP accord “is probably scaring the others away.” ******************** What I see in the future is Russia preparing to supply oil to China which has a rapidly growing demand for oil. ****************** |
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Edited by
HotRodDeluxe
on
Thu 10/25/12 06:02 PM
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Russia Proves 'Peak Oil' Is A Misleading Zionist Scam If the opening paragraph of this report started by claiming that completely unlimited crude oil reserves exist inside planet earth, readers might be tempted to regard the entire text as preposterous ghostwriting for a novelist like Frederick Forsyth. If the report then went on to claim that the Russians have exploited this stunning reality for nearly thirty years, right under the largely unwitting noses of western intelligence, readers could be excused for mistaking the author for a lunatic, or perhaps as a front for spy novelist John le Carré. The problem here is that unlimited oil reserves do exist inside planet earth, and the Russians long ago developed the advanced technology necessary to recover these unlimited oil reserves in an efficient and timely manner. Profoundly disturbing hard intelligence like this does not sit well with the frantic cries of western academic shills and lobbyists, determined to convince you all that the end of the oil world is nigh, or, more accurately, that America faces an imminent catastrophe when global production capacity "Peaks", i.e. when world demand for crude oil finally exceeds the rate at which we can physically pump the required product out of the ground. The gist of these false claims are outlined in a speech given at the at the University of Clausthal, by lobbyist Doctor Colin Campbell during December 2000: http://rense.com/general75/zoil.htm 
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Oil reserves in Russia
From Wikipedia, the free encyclopedia There are several different estimates of proven oil reserves in Russia. Most estimates include only Western Siberian reserves, which have been exploited since the 1970s and supplying two-thirds of Russian oil. Figures do not include potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels (0.75×109 m3) of oil exist in Eastern Siberia.[1] Following the collapse of the former Soviet Union, Russia’s petroleum output fell sharply, and has rebounded only in the last several years. Russia reached a peak of 12.5 million barrels per day (1.99×106 m3/d) in total liquids in 1988, and production had fallen to around 6 million barrels per day (950×103 m3/d) by the mid-1990s. A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization of the industry. Higher world oil prices, the use of Japanese technology, and the rejuvenation of old oil fields also helped. By 2007 Russian production had recovered to 9.8 million barrels per day (1.56×106 m3/d), but was growing at a slower rate than 2002-2004.[1] In 2008, production fell 1 percent in the first quarter and Lukoil vice president Leonid Fedun said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained. The editor-in-chief of the Russian Petroleum Investor claims that Russian production had reached a secondary peak in 2007.[2] In 2007, Russia produced roughly 9.8 million barrels per day (1.56×106 m3/d) of liquids, consumed roughly 2.8 million barrels per day (450×103 m3/d) in liquids, and exported (in net) around 7 million barrels per day (1.1×106 m3/d). Over 70 percent of Russian oil production was exported, while the remaining 30 percent was refined locally.[3] In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production[4] started to decline again in 2008. The Russian government proposed tax cuts on oil in an attempt to stimulate production.[5] By 2011, Russian oil production had increased to 10,540,000 bbl/day.[6] It is the largest producer and exporter of oil in the world. |
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Shrinking Production
Exxon’s global output slipped for a fourth straight quarter during the April-to-June period, reaching the equivalent of 4.15 million barrels of oil a day, the lowest in two years, according to data compiled by Bloomberg. Exxon’s reserve growth slowed to 0.5 percent last year after jumping 7.9 percent and 8.9 percent in 2010 and 2009, respectively. Shell’s production has declined in eight of the past nine years, and The Hague-based company’s costs to find untapped crude more than tripled in the past half decade, according to data compiled by Bloomberg. Chevron Corp. (CVX)’s global output (CVX) dropped by 2.6 percent during the April-to-June period to the equivalent of 2.62 million barrels a day, the lowest second-quarter average since 2008, according to data compiled by Bloomberg. The San Ramon, California-based company’s reserves are 4.5 percent lower than a decade ago. |
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