It appears that folks arecatching up to the meaning of the announcement last year that it had become possibleto do multifracing. Here we have thefirst informed consensus and it immediately establishes that
oilproduction will be increasing by 2,000,000 barrels over the next fiveyears. Add in an additional 2,000,000barrels from US Canada and the experiences an unbelievable 4,000,000 barrel per day swing in oil supplies awayfrom the overseas import market. USA
Now presume that the electricalcar becomes truly market ready (300 mile range) and the same battery technologyis retrofitted onto the grid and we eliminate plausibly five million barrels ofdemand at the same time.
Put it all together, and we haveleft the Oil Age behind inside this decade. That is an unbelievable transition that one could only have taken onfaith a mere two years ago. Then it wasbarely possible, now it is happening.
Bakken-like oilfields in
Texas, California and other states could raise oil production by 20-40% US
FEBRUARY 09, 2011
By 2015, oil executives and analysts say, the new fields in NorthDakota, Colorado, Texas and California could yield as much as 2 million barrelsof oil a day — more than the entire Gulf of Mexico produces now. Newhorizontal multifrac drilling is expected to raise
production by at least 20percent over the next five years. And within 10 years, it could help reduce oilimports by more than half, advancing a goal that has long eluded policymakers. U.S.
* Bakken oilfield in
North Dakota and Montana producing458,000 barrels per day
* Bakken oilfield in
* Eagle Ford oilfield in
* Niobrara, which stretches under
Wyoming, Colorado, Nebraska and Kansas
* the Leonard, in
New Mexico and Texas
Monterey, in . California
Early Bakken pioneer Continental Resources (NYSE: CLR) hasdescribed the Niobrara as "huge," noting that it spans over3 million acres andmay contain more than 2 billion barrels of recoverable oil. As for recoveriesper well, those estimates are all over the place.
The Venoco CEOstated their might be up to 300 billion barrels of oil in the Monterey Shalebut their first well was labeled " uneconomical.". The
These Bakken like oilfields seem to be all over and I would be surprisedif Russia withall of its land does not have some of these kinds of oilfields. The foreignbakken like fields could increase oil production from these kinds of sources to5-20 million of to 10-20 million barrels per day.