Chart of the Day – Peak Oil…what peak oil?

Peak Oil was supposed to be upon us…turns out it is far from upon us.

oil4-600x409

 

Oh..and a massive oil find in Australia might see them change their name to Saudi Australia. How massive?

This massive.

map

 

Peak oil? Not anytime soon.

 


THANK YOU for being a subscriber. Because of you Whaleoil is going from strength to strength. It is a little known fact that Whaleoil subscribers are better in bed, good looking and highly intelligent. Sometimes all at once! Please Click Here Now to subscribe to an ad-free Whaleoil.

  • rockape

    I just love this blog!

  • Lofty

    What is the official NZ estimate of reserves? Does anyone have the figures handy?
    Edit: I would live to,see the figures for oil supplementary fuels such as coal seam gas, which of course is as important in running our industrial machine as crude is.

    • LabTested

      We are not allowed to know. The Greens protest on the streets if the Government wants to so much as check what national resources the country has

      • Sir Cullen’s Sidekick

        Good to see you are scared of Minty Minto and Peggy Sue.

  • le sphincter

    Simple answer. production matches any rise in prices. If its worth more to keep it in the ground, it just drives up prices even more. Just like land banking.

    Shell did the same with Maui gas reserves, they had fixed price ‘ take or pay’ revenue stream, but eventually rising prices worldwide meant they were missing out on good dosh.
    So they just ‘reduced the reserves’ to make it seem the gas was all gone.

    Until of course they plonk down a few more wells to find it ‘again’, and charge the current prices . Easy to do as horizontal drilling means they drill from outside the current known field boundaries. Whos the wiser

    • rockape

      Is that why the greens were so keen on peak uil, to push up the price for the middle east billionaires?

    • Spam

      Who’s the wiser? Clearly not you. that comment is chock-full of wrong.

      1.) Shell is only one partner in the Maui gas field. They don’t get to arbitrarily set the reserves.

      2.) Reserves must be calculated against specific criteria. They must be audited (and Shell audits against the Securities Exchange Commission standards) and reported to the financial market. You can’t just arbitrarily write-down or hide reserves. It is illegal, and Shell (global) got caught doing that quite a few years ago (NOT for New Zealand reserves), and got in deep shit for it. They also have to report the reserves annually to the government, and the historic “redetermination” (which might be what you are erroneously referring to) was done independently.

      3.) If the reserves that you claim were hidden were, as you also claim “outside the field boundaries”, then they weren’t proven reserves of the Maui field anyway. They need to have been developed, and accessible, to be proven reserves. The gas contracts are sold on a proven reserves basis, not on a potential, undiscovered, basis.

      4.) Re horizontal wells – you are aware of the dimensions of the Maui field, and the size of the drilling rig required to drill a horizontal well outside the boundaries (hint: The Maui Platform wouldn’t be strong enough to hold a rig that could do that)

    • pukakidon

      Mallards Mouth. Once again you are at the very opposite end of the truth. I have yet to see you use any facts on this blog. You truly are a Green supporter and activist. Full of lies and shit.

  • philbest

    I love this blog too….!

    I don’t know whether regular followers of this blog are familiar with George Reisman’s “Environmentalism Refuted”, but it is like a manifesto for rational optimism on resources and progress.

    http://mises.org/daily/661

  • kehua

    Look forward to seeing this on TV News about November, thanks for the heads up Cam.

    • LabTested

      It will be on the news, but the item will be about Kiwis going to Aussie for jobs in the oil industry & why can’t they earn as much in NZ.

  • cows4me

    About 15 years ago I was talking to a Texan who owned a drilling rig. This rig had sunk a well not far from our property and they had finished drilling and were installing a Christmas tree on the site. He told me their were heading back to Texas. I asked if he had done his dough and was heading back to the states with his tail between his legs. He just smiled and said “oh no, we’ll be back, oil is just to cheap at the moment”. Peak oil, my arse.

  • philbest

    There was a Saudi Oil Minister called Sheikh Yamani who famously said about 25 years ago now, that “the Oil Age will come to an end not for lack of oil, just as the Stone Age came to an end not for lack of stones”.

    His wisdom is one of the reasons that the Saudis have not always stuck with OPEC oligopoly behaviour because they really do suspect that if they don’t drill it and sell it now, there might be a time when they can’t.

  • Rodger T

    Just a shame the Greenies have`nt reached peak stupidity yet.

    • DLNZ

      Hopefully peak stupidity of Greens and Labour will coincide with the weeks leading up to the election. *If* David Shearer is still around peak stupidity will definitely occur during televised leaders debates.

  • Kopua Cowboy

    Excellent, I’m off to buy a V8

  • Super_Guest

    Oil’s there if you’re willing to look for it. Especially in new places. While I don’t subscribe to the gung-ho “Drill Here, Drill Now” thing they have going in the States, that’s just one of many places where there may be untold resources riches just sitting there ready to be tapped. I also remember seeing a thing on oil sand in Canada that also looked promising.

    The problem is that the Green taliban are so rabidly against oil that they’re trying their best to prevent even looking for it. And while I’m no tinfoil hat wearer, it doesn’t take a genius to connect legislating against new drilling with an oil crisis being created.

    It’s all to stop da gwobal warminz though. Or is it climate change now? Or the ocean acidifying? Or the tale of the Boy Who Cried Wolf?

38%