Deepwater Oil Drilling
A petroleum engineer assures me that oil is more likely to form under water than on land and, as more than 60% of the earths surface is covered with water and we have only been drilling deep water for 10 years, there are countless untapped fields ready to be discovered and tapped with technology that only gets more advanced as the extraction companies work on it, far more oil than has ever been extracted from land based fields. Like Chris, he says he is just looking at facts and drawing conclusions from them. Where can I find the data to bring to the conversation to show that he is incorrect, or maybe he is correct, maybe the amount of oil ready to come online from the bottom of the oceans will push peak oil back outside of our lifetime?
Oil in place does not equal technically recoverable. Just because there are large deposits of oil in the ocean, does not mean that it can be extracted and brought to the market.
Sure, if you throw enough time and money at it…it can be extracted. But consider this – when it takes 1 barrel of oil to extract 1 barrel of oil – what is the point?
Your argument with someone in the industry that will go nowhere. It will exhaust you. Get two petroleum engineers together, one who subscribes to the peak oil theory (not really even a theory) and one that opposes. Your argument will undoubtedly come back to the opposing party being a technological optimist. One that places all faith that we have advanced so fast over the last 100 years that we are immune to issues such as this.
To be bluntly honest with you. Most people today are far too concerned with how they are going to make their mortgage payment or how they are going to pay for their kids college, or how they are going to retire comfortably to be concerned about the negative impacts of peak oil within the next few decades.
It is real easy to point your friend to the EIA website and take a look at the production rate since the late 1800’s until today and it paints a clear picture. http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus1&f=a
I hope they can bring all of this “vast” oil to the market within the next few years as we enter the decline stage of this party. That’s when the real fun begins.