Thursday, April 14, 2005

50.22 NYMEX LIGHT - It's Where The Flavour Is

Exxon's Cepu deposit in central Java may have hold about 500 million barrels of oil, according to the energy ministry. The field could produce 170,000 barrels a day, Budiono, vice president for exploration at Exxon's Indonesian unit, told a parliamentary hearing on Feb. 17.

That's 8 years of maximum production from this field, the daily production being a third of the last increase in daily production from OPEC. or to put it another way, the entire field would cover current consuption for just under 6 days.

The investment in Alberta's oil sands comes as China seeks to secure sources of crude globally, as its thirst for energy grows and outstrips its domestic production. At the moment, MEG is producing 3,000 barrels a day from a pilot project south of Fort McMurray, Alta., using in situ technology where steam is injected underground to melt tar-like bitumen, which is then pumped to the surface.

do you remember the beverly hillbillies? when that gusher popped out of the ground? it's
harder to get that easy oil now, at least outside of OPEC. got to wonder at what point will it take more energy to produce a barrel of oil than the level energy it provides. posted by Keegan at 9:11 am

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