Download Black Gold: The New Frontier in Oil for Investors by George Orwel PDF

By George Orwel

ISBN-10: 0471792683

ISBN-13: 9780471792680

I loved Mr. Orwel's ebook "Black Gold." It was once effortless to learn and it had numerous issues within the ebook that i did not understand. Like President Clinton's Iraq Liberation Act of 1998, which said that, "It will probably be the coverage of the USA to aid efforts to take away the regime headed via Saddam Hussein from energy in Iraq." This e-book is mild analyzing. do not anticipate finding loads of deep proposal. it truly is similar to a protracted newspaper article. i do not remorse i purchased the booklet. Regards, Keith Renick, Saudi Aramco Oil Co. Retired

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Example text

Some fields end up recovering as much as 65 to 80 percent of oil in place, while others get as little as 10 to 20 percent recovery. The total reserves also include high-quality light, sweet oil commingled with low-quality heavy, sour oil. In a way, it’s like commingling wines ranging from jug wine to extremely expensive merlots. Since the mid-1990s, most oil and gas companies have tended to add more than 100 percent reserves each year compared to what they produce, meaning they have been able to more than replace what they take out of their reserves.

According to Campbell, companies seldom report their true findings for commercial reasons, and governments, which own 90 percent of the reserves, often lie. Most official figures are grossly unreliable: “Estimating reserves is a scientific business. There is a range of uncertainty but it is not impossible THE END OF AN ERA? 35 to get a good idea of what a field contains. 13 The two most widely used estimates of world oil reserves, drawn up by the Oil & Gas Journal, an industry publication, and BP’s own annual survey, Statistical Review, both rely heavily on reserve estimates provided to them by governments and industry, and, from what I hear, they do not question the accuracy of these data.

The current oil peak debate started around 1995 but stayed off the radar because it was drowned by the tech boom of that decade. It was started by geologists who used Hubbert’s theory to determine global oil peak, something far more difficult than what Hubbert did. It was difficult because it depended on a larger volume of data, some of which are either difficult to find or are unreliable, especially data from the Organization of Petroleum Exporting Countries (OPEC). For the most part, these geologists and energy economists fought it out in the pages of scientific journals—Nature, Science, and Scientific American—before they found publishers willing to give them a larger audience through books.

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Black Gold: The New Frontier in Oil for Investors by George Orwel

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