Term
| When did the peak of oil discoveries take place? |
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Definition
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Term
| What will the peak of discoveries some day need to be followed by? |
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Definition
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Term
| What will happen to the global availiblity of oil after the peak? |
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Definition
| will decline year after year |
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Term
| What was the average size of new discoveries between 1960-1970? |
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Definition
| 527 Mb per New Field Wildcat |
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Term
| What are the remaining world oil reserves? |
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Definition
| 1,255 GB according to the industry database |
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Term
| Where are the greatest difference in the reserve numbers? |
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Definition
| Middle East; The Middle East possesses 677 GB oil reserves whereas the EWG estimate is 362 Gb according to IHS |
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Term
| What three places have the highest oil RESERVES? |
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Definition
1. Middle East
2. Russia
3. North America |
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Term
| What is the world oil PRODUCTION? |
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Definition
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Term
| What is the yearly US oil consumption? |
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Definition
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Term
| What are the top three places for oil consumption? |
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Definition
1. US 7.59 GB/yr
2. OECD Europe
3. China 2.55 GB/yr |
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Term
| What is China's yearly oil consumption? |
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Definition
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Term
| Describe what will happen with oil (explain meaning of peak.) |
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Definition
| Increasing the supply of oil will be more difficult as the growth rate will slow down and costs will increase until the point is reached whre the industry is not anymore able to bring into production |
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Term
| Describe what happened with oil in the UK? |
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Definition
| There was a decline in the alte 1980s which was the results o fsafety work on the platforms folling the severe accident at the platform Piper-Alpha |
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Term
| If it is assumed that the remaining regions with growth potential will expand their oil production by the year 2010, total oil production o fthis group of countries, however, will continue to decline by what? |
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Definition
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Term
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Definition
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Term
| Why do we need to be careful about projections? (For example, the future of oil graphs) |
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Definition
| World energy outlook projection of IEA is saying that the current oil trend of increased production will continue; Other group is saying trend will change and we will start going down |
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Term
| What are the different classification schemes of oil? |
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Definition
| Economic and/or Geological criteria |
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Term
| What is the economic definition of conventional oil? |
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Definition
| Conventional oil is oil which can be produced with current technology under present economnic conditions - Definition problems: not precise, it describes a moving target |
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Term
| What is the geological classification of oil based on? |
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Definition
| The viscosity of th eoil and on other properties |
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Term
| What is conventional oil? |
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Definition
| Crude oil that has a viscosity above 17degrees API |
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Term
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Definition
1. Heavy oil between 10-17 deegrees API
2. Extra heavy oil below 10 degrees API (tar stands below this category)
3. oil shale
4. deep sea oil below 500 meter water depth
5. Polar oil north or south of the arctic/antarctic circle
6. Condensate |
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Term
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Definition
| Liquid hydrocarbons being part of the production of natural gas and which are separated at the well. |
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Term
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Definition
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Term
| How were the tar sands formed? |
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Definition
| they were properly formed oil subsequently partly oxidized by being brought to the surface; they ahve the characteristics of bitumen, theya re close tot he surface and are mixed with large amounds of sand, the bitumen containing layer has an oil contentration of about 15-20 precent in the best regions in Canada |
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Term
| What is the oil concentration of the the tar sands in the best regions of Canada? |
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Definition
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Term
| What is the production method of choice? |
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Definition
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Term
| How do they get rid of the high sulfur content in the tar sands? |
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Definition
| The tar sand is mined, flooded with water in order to separate the sand from lighter oil and then processed to get rid of the high sulfur content |
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Term
| The mining/flooding/processing process needs what? |
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Definition
| Lots of energy and water and oil depoists in deep layers below 75m are mined in-situ |
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Term
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Definition
| They contain only kerogene and not oil; it is an intermediate product on the way from biological hydrocarbon cracking to oil formation |
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Term
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Definition
| An intermediate product on the way from biological hydrocarbon cracking to oil formation |
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Term
| Most likely, when did world oil production peak? |
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Definition
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Term
| How much of the worlds primary energy consumption is supplied by oil?? |
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Definition
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Term
| Top 3 world energy consumption: |
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Definition
35% oil
25% coal
21% natural gas |
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Term
| How much of world transportation relies on oil? |
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Definition
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Term
| What does the economy and the lifestyle of industrialized societies rely heavily on? |
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Definition
| the sufficient supply of oil and also on the supply of cheap oil |
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Term
| Is the oil shale layer hot enough to complete the oil generation? |
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Definition
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Term
| What must the kerogene do to completee the oil formation? |
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Definition
| must be heated up to 500 degrees C and combined with additional hydrogen |
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Term
| Where must the final process of oil refinery happen? |
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Definition
| In the refinery and needs huge amounts of energy |
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Term
| Why is mining oil shale unattractive? |
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Definition
| the ratio of kerogene to waste material is very low |
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Term
| What is the main reason for oil shales not being a reasonable energy source at large scale? |
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Definition
| the energy for extracting the oil is too poor |
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Term
| What are the 3 categories of reserves? |
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Definition
1. proven
2. probable
3. possible reserves |
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Term
| What are proven reserves? |
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Definition
| 1. oil and gas "reasonably certain" to be producible using current technology at current prices, with current commercial terms and government consent |
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Term
| What are the subdivisions of proven reserves? |
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Definition
1. Proven Developed
2. Proven Undeveloped |
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Term
| What are proven developed (PD) oil reserves? |
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Definition
| reserves that can be produced with existing wells and perforations, or from additional reservoirs where minimal additional investment is required |
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Term
| What are proven underdeveloped (PUD) reserves? |
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Definition
| require additional capital investment to bring the oil and gas to the surface |
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Term
| What are probable reserves? |
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Definition
| oil and gas is "reasonably probable" of being produced using current or likely technology at current prices, with current commercial terms and overnment consent |
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Term
| What is the other name for probable reserves? |
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Definition
| 2P or Proven plus probable |
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Term
| What are possible reserves? |
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Definition
| Having a chance of being developed under favorable circumstances |
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Term
| Why is possible reserves sometimes known as P10? |
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Definition
| having a 10% certainty of being produced; also known as 3P or proven plus probable plus possible |
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Term
| For every oilfield discovered a probabliistic analysis is carried out, taking into account what parameters? |
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Definition
1. area
2. thickness of oil containing structures
3. porosity of the structure
4. oil content in the rock
5. estimated recovery factor |
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