Originally posted by BlackCat
There has been a lot of improvements in extracting oil in the last 20 or so years. In 1985 it was expected that danish north sea wells would "run dry" just about now, but better techniques has pushed that date to somewhere in 2015. Funny thing is that the old estimate was that it would be possible to get approx 5 % out where it now is expected that up to 20 % could be extracted. Fact is that there actually is four times more left that may be accesible if price/technology makes it sensible.
There has been a lot of improvements in extracting oil in the last 20 or so years. In 1985 it was expected that danish north sea wells would "run dry" just about now, but better techniques has pushed that date to somewhere in 2015. Funny thing is that the old estimate was that it would be possible to get approx 5 % out where it now is expected that up to 20 % could be extracted. Fact is that there actually is four times more left that may be accesible if price/technology makes it sensible.
This is what I have been saying. Existing tech still leaves the vast majority of oil in the ground and people always stop producing before all has been produced. Change the price assumption and reserves increase.
Comment