Daily Telegraph: Why the world isn't running out of oil
"Moreover, as well as bountiful oilfields in North America, Russia, Saudi Arabia and other producers in the Middle East, there are massive, barely tapped reserves in South America, Africa and the Arctic: not billions of barrels’ worth, but trillions. So the planet is not about to run out of oil. On the contrary, according to a Harvard University report published last year, we are heading for a glut.
The 75-page study, by oil executive Leonardo Maugeri, was based on a field-by-field analysis of most of the major oil exploration and development projects in the world, and it predicted a 20 per cent increase in global oil production by 2020."
"The Yastreb rig on Sakhalin Island, just off the east coast of Russia, has set numerous industry records and, last August, its operators announced they’d drilled the world’s longest extended-reach well, plunging eight miles into the Earth."
"In the past 10 years Shell has developed a technology called mono-diameter which will allow it to drop one steel casing through another, and then expand it to the same dimensions. In theory, this will facilitate the drilling of much deeper wells, although engineers still have to work out how to stop the steel melting at such depths."
"...so-called 'seismic vessels' trail between 10 and 20 cables, each up to nine miles long, probing sonically for oil and gas deposits."
"'What is going on out there is the marine equivalent of the space programme,' Robert Bryce, an American author and journalist specialising in energy issues, tells me. 'And all of it is privately funded.' ... In total, upstream energy companies (the ones involved in exploration and drilling) spent £800bn ($1.25tn) last year."
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