Wednesday, August 29, 2007

Peak Oil: You Don't Know Jack!

"Jack" is a recently discovered undersea oil field in the Gulf of Mexico that may exceed 15 billion barrels of oil. Given that water covers 2/3 of Earth's surface, it is not unlikely that more oil reserves exist underwater than under dry land.
The mother lode of oil in the deepwater Gulf is so significant that Tahiti and other successful fields in this region are expected to soon produce enough crude to reverse the long-standing decline in US oil production of about 10 percent per year.

Even better, a recent discovery by Chevron has signaled that soon there may be vastly more oil gushing out of the ultradeep seabeds — more than even the optimists were predicting four years ago. In 2004, the company penetrated a 60 million-year-old geological stratum known as the "lower tertiary trend" containing a monster oil patch that holds between 3 billion and 15 billion barrels of crude. Dubbed Jack, the field lies beneath waters nearly twice as deep as those covering Tahiti, and many in the industry dismissed the discovery as too remote to exploit. But last September, Chevron used the Cajun Express to probe the Jack field, proving that petroleum could flow from the lower tertiary at hearty commercial rates — fast enough to bring billions of dollars of crude to market.

...Technological breakthroughs have, decade after decade, revived the perpetually doomed oil industry. "Predicting peak oil," Siegele tells me as we tour the drilling floor of the Cajun Express, "is almost like predicting peak technology" — an exercise, in other words, that to him seems inherently small-minded. Even absurd.
SourceBesides the "Jack" oilfield and other yet to be discovered Gulf fields, there are also many Arctic and Antarctic oil fields currently unexplored. And then, there is all of that oil shale and oil sands that Canada, the US, and other large countries are sitting on.
And don't get me started on all the coal reserves and uranium/thorium reserves spread out across the globe. And please--never! and I mean never!! get me started on all the resources in the solar system, should humans ever grow out of their prolonged, restless, and generally incompetent adolescence.

Peak Oil doesn't know Jack. Peak Oil will soon meet Jack and a lot of other energy resources that will be developed, sooner or later.



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