Term
| What do some statistics only refer to conventional oil as defined as what? |
|
Definition
| oil having a density of > 20 degrees API |
|
|
Term
| What are US oil companies obliged to adhere to? |
|
Definition
| the strict reporting rules set by the Securities and Exchange Commisssion (SEC) |
|
|
Term
| Who is one of the prominent statistics in the public domain? |
|
Definition
| BP Statistical review of world energy |
|
|
Term
| What do the oil reserve statistics refer to? |
|
Definition
| proven reserves and their development |
|
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Term
| What happened in all major OPEC oil producing countries despite the fact that there were no new discoveries? |
|
Definition
| oil producing countries increased thier reserves considerably |
|
|
Term
| OPEC production quots are set according to what? |
|
Definition
| reserves and other factors |
|
|
Term
| What was the oil incentive? |
|
Definition
| an incentive for each country to defend their quota by keeping up with their reserves |
|
|
Term
| What are reserves at any point in time the result of? |
|
Definition
| Reserves (as reported at the start of last period) + Re-evaluation of existing reserves (in last period) + New discoveries - Production (in last period) = Reserves (as of to date) |
|
|
Term
| What has led to the apparently unchanged world reserves year after year? |
|
Definition
| The reporting practice of state owned companies |
|
|
Term
| What are the world reserves of oil as estimated by the industry database? |
|
Definition
|
|
Term
| Where were there new oil discoveries in the 1990s? |
|
Definition
| New increase in discoveries due to exploration successes in the deep offshore regions in teh Gulf of Mexico |
|
|
Term
| What do you get once the cumulative production from the cumulative proved + probably reserves is subtracted? |
|
Definition
| history of remaining reserves |
|
|
Term
| Are the remaining reserves decreasing? |
|
Definition
|
|
Term
| Why will future reserves decrease faster? |
|
Definition
| Because of declining new discoveries |
|
|
Term
| Is there a difference between the history of proved reserves and the history of proved and probably reserves? |
|
Definition
|
|
Term
| What is a major reason for the differences in the assessment of future oil discoveries and also production between conventional forecasts? |
|
Definition
| the discrepancies between public domain statistics (e.g. BP) which report only proven reserves as assessed for the last year and industry data bases (IHS Energy) which report proved and probably reserves and backdate reassessments |
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|
Term
|
Definition
|
|
Term
| Who are reserve assessments usually done for? |
|
Definition
|
|
Term
| When can future production growth happen? |
|
Definition
| Only through the development of yet undeveloped discoveries |
|
|
Term
| What happens to the size of individual and annual discoveries? |
|
Definition
| gets smaller and smaller in later years |
|
|
Term
| In 1938 the worlds second largest field was found. WHat is it? |
|
Definition
|
|
Term
| In 1948 the worlds largest field was discovered with 66-150 GB. What is it? |
|
Definition
|
|
Term
| How many oil fields are known today? |
|
Definition
|
|
Term
| The two largest oil fields contant alrady about what percent of all the oil found to date? |
|
Definition
|
|
Term
| When was the maximum of oil discoveries? |
|
Definition
|
|
Term
| HOw many oil discoveries were made in 2004-2005? |
|
Definition
|
|
Term
| The cumulative discoveries over the years saturate and approach what kind of value? |
|
Definition
| asymjptotic value; creaming curve |
|
|
Term
| What has happened with the aver size of new discoveries from 1960 to 2005? |
|
Definition
| went from 527 Mb per New Field Wildcat to 20 Mb per new Field Wildcat |
|
|
Term
| How can we calculate the the effort to add new oil to reserve? |
|
Definition
| estimating the probable number of necessary wildcasts and the associated costs |
|
|
Term
|
Definition
| Estimates of the ultimate recovery |
|
|
Term
|
Definition
| the total amount of oil geologists deem to be recovered eventually, i.e. the sum of past and future oil production |
|
|
Term
| The estimates of the EUR were rising with what? |
|
Definition
| the exploration successes in the following years |
|
|
Term
| When did the EUR estimates remain more or less constant? |
|
Definition
| About in the end of the 1960s |
|
|
Term
| When did EUR become much better? |
|
Definition
| after the peak of discoveries |
|
|
Term
| How can the production pattern of oil be characterized? |
|
Definition
| It will be difficult to increase the supply of oil, the growth rate will slow down and costs will increase until the point is reached where the industry is not anymore able to bring into production a sufficient numbner of new fields quick enough |
|
|
Term
| Who are the remaining regions with oil growth potential? |
|
Definition
| Angola, Brazil, and the Gulf of Mexico |
|
|
Term
| Total oil production of Angola, Brazil and the Gulf of Mexico will do what? |
|
Definition
| decline by about 3% per year |
|
|
Term
| What is the range of estimates for oil EUR? |
|
Definition
|
|
Term
| What are the 3 values that the USGS states for the amount of yet to find oil? |
|
Definition
1. How much oil will be found with 95% probability?
2. How much oil will be found with 5% probability?
3. And a mean value? |
|
|
Term
| EUR values are generated by applying what to the resrve estimates of a group of experts? |
|
Definition
|
|
Term
| What is used in most cases for EUR? |
|
Definition
|
|
Term
| The different phases of oil production cab be described schematically by which pattern? |
|
Definition
1. First it is the search for oil, the easily accessible oil fields are found and developed. The locations of new oil fields are detected in a more systematic way with increasing experience.
2. This results in more and more new fields being developed, initally in the primary regino and later on all over the world.
3. The regions which are most difficult to access are explored and developed only when sufficicent new oil cannot be found anymore in the easily accessible regions |
|
|
Term
| What happens with increased oil production? |
|
Definition
| The pressure of an oil field diminishes and the water levels rise with increasing production and after some time the production rate begins to decline |
|
|
Term
| What can be controlled to a certain extent so that the decline in production rate is delayed or reduced? |
|
Definition
1. By injecting natural gas or water into the reservoir in order to increase the pressure or
2. by injecting gases like CO2 or nitrogen, heating the oil or by injecting chemicals in order to reduce the viscosity of the oil |
|
|
Term
| What is known as EOR (enhanced oil recovery)? |
|
Definition
Controlling things so that the decline in production reate is delayed or reduced
1. By injecting natural gas or water into the reservoir in order to increase the pressure or
2. by injecting gases like CO2 or nitrogen, heating the oil or by injecting chemicals in order to reduce the viscosity of the oil |
|
|
Term
| How long have EOR measures been applied? |
|
Definition
| more than 30 years; not accounted fo rin production forecasts |
|
|
Term
| When are secondary and especially tertiary recovery measures mainly applied? |
|
Definition
| after peak production when the pressure level is low; these measures cannot reverse a c decline into an upward production profile for any substantial period of time |
|
|
Term
| What is the largest oil field in the US? |
|
Definition
|
|
Term
| What is extracted more than oil from wells? |
|
Definition
|
|
Term
| When are EOR measure most effective? |
|
Definition
| in certain fields with complex geology which exhibit a low recovery factor |
|
|
Term
| What is happening in the Yates field in Texas after injecting hot steam and chemicals? |
|
Definition
| The decline was even steeper afterwards exceeding 25% per year instead of 8.4% as before; the production rate is even below the level it would be at without these measures |
|
|
Term
| Will the use of technology change the overall picture of oil? |
|
Definition
|
|
Term
| Can the decline in oil production be avoided? |
|
Definition
|
|
Term
| Why will decline rates be higher? |
|
Definition
| EUR rates actually causes later decline rates to be higher than without the prior use of these methods |
|
|
Term
| What are two striking developments concerning the operation of major international oil companies over the period of the last 10 years? |
|
Definition
1. The wave of mergers
2. The inability of these companies to substantially raise their aggregate production |
|
|
Term
| Why were oil company mergers necessary? |
|
Definition
to compensate for declining oil production in individual companies
2. the rising expenditures especially for production just led to a very not marked peak in 2004 of agggregate production by it has declined since then |
|
|
Term
| What is happening with exploration expenses for major oil companies? |
|
Definition
| budgets reduced by 30% to 50% over the last seven years; however the expenses for maintaining the production in most cases increased consideratbly. It can be concluded that companies prefer to expand their production by mergers and acquisitions instead of exploring new fields |
|
|
Term
| What is happening with the budgets of big oil companies? |
|
Definition
| Exploration budgets are decreasing while production budgets are increasing |
|
|
Term
| Who was the largest private western oil company ten years ago? |
|
Definition
|
|
Term
| How much has oil production declined since 1998? |
|
Definition
| by 20% despite the fact that the expenses for E&P have quadrupled |
|
|
Term
| Have most countries already reached their oil production peaks? |
|
Definition
|
|
Term
| Which countries will be able to expand their oil production |
|
Definition
|
|
Term
| What is responsible for the stagnation of the oil production in this gorup of countries? (England, scotland, Ireland) |
|
Definition
| the peaking of the oil production in the North Sea which occured in 1990s |
|
|
Term
| What type of oil production reached a plateau first? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| What will decide the timing of world peak oil? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| Is Production in the kingdom of saudi arabia decling? |
|
Definition
|
|
Term
| Is the current decline in production int he Kingdom of Saudi Arabia voluntary or not? |
|
Definition
| Only the future will show |
|
|
Term
| What contributes to one have of Mexican oil production? |
|
Definition
|
|
Term
| What are the 3 (out of 4 biggest) oil fields that are in decline? |
|
Definition
| Cantarell (Mexico), Daquin (China), Burgan (Kuwait) |
|
|
Term
| According to Robelius analysis, peak oil will happen between 2008 and 2018 depending on which circumstance? |
|
Definition
1. High oil prices
2. Production has come to a standstill and production now is more or less on a plateau
3. Prices started to rise in 2000, this was when the North Sea reached peak production and also about that time, all producing regions outside OPEC and outside the countries of the former soviel union reached their aggregate peak |
|
|
Term
| What were the increased oil prices attributed to? |
|
Definition
1. speculation
2. political tensions in oil producing regions
3. greed of oil companies
4. strikes
5, hurricanes
6. rising deman in China and India |
|
|
Term
| Annual consumption has exceeded annual new discoveries since when? |
|
Definition
|
|
Term
| the 400 largest oil field contain what? |
|
Definition
| More than 75% of all oil ever discovered |
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