Home » Posts tagged 'conventional oil fields'
Tag Archives: conventional oil fields
I was going over the IEA’s World Energy Outlook 2013 and noticed a few things you might find interesting. Exactly what is their opinion on Peak Oil? Here, cut and pasted from the report.
Got that? The URR is great enough to delay any peak until after 2035. Here is one of their graphs that indicate how much they think is left, coal, gas and oil.
Okay 54 years of proven reserves. That puts the peak out to well past mid century. Likely well past 2100 if you count those remaining recoverable resources. And just who has all this oil?
2.2 trillion barrels of conventional crude oil resources. However only 1.7 trillion barrels of that has a 90% probability of being recoverable. Of this the Middle East has the lions share, 971 billion barrels of resources with a 90% probability of recovering 813 billion barrels of that.
The Middle East, of course, mostly OPEC. And if you count the four OPEC countries of Africa and the two in South America, the vast majority of the world’s oil reserves are in OPEC nations. In fact OPEC claims 81% of all the proven reserves in the world.
So with 81% of the world’s proven reserves what is the IEA expecting from OPEC in the future?
A word of explanation is needed here. New Policies Scenario: A scenario in the World Energy Outlook that takes account of broad policy commitments and plans that have been announced by countries, including national pledges to reduce greenhouse-gas emissions and plans to phase out fossil-energy subsidies, even if the measures to implement these commitments have yet to be identified or announced.
450 Scenario: A scenario presented in the World Energy Outlook that sets out an energy pathway consistent with the goal of limiting the global increase in temperature to 2°C by limiting concentration of greenhouse gases in the atmosphere to around 450 parts per million of CO2.
Current Policies is business as usual. Or, basically, we will keep on doing what we are doing. Which is of course exactly what will happen. However what the IEA sees as happening, above, is not exactly what will happen, far from it.
So, looking at Conventional Crude Oil Production in 2012, 2020 and 2035 we find this. All data on all charts below are in million barrels per day:
Well hell, OPEC production will be lower in 2020 than it is today. And non OPEC production will be lower in 2035 than it is today. But not to worry, total conventional crude production will be up 2.9 percent in the 23 years between 2012 and 2035.
But they are expecting Natural Gas Liquids to increase by almost 57 percent.
And let us not forget about Unconventionals. What are Unconventionals?
Unconventionals, Light Tight Oil and Oil Sands increase from 5 mb/d to 10.6 mb/d in 2020 to 17.1 mb/d in 2035. That is an increase of 242 percent in 23 years.
Note: If you would like to be added to my email notification list when a new post is posted please email me at DarwinianOne at Gmail.com.