Wednesday, September 10, 2008

Scientists Discover Ways to Recover More Oil

Here is an interesting look at a breakthrough in oil recovery from carbonate rock--where more than 50% of the world's oil resides.
When we think of oil reservoir rock what is in mind is a rock sponge with tiny pores filled with oil. As the oil moves to the well the pressure is reduced. Rock compresses poorly so very little is gained after the pressure from gas above or water below is taken off by production. Those little pores have been an issue for decades. The realization that the organic chemistry aspects of the calcium rock and the available chemical reactivity of seawater is now a documented and understood.

What this should mean is that there will be continued production from oil fields thought to be past economic productivity. The researchers are looking onto the application of seawater into limestone formations, which are also organic formed rock. It may well be possible to greatly enhance these reservoirs too.
Better oil recovery through chemistry. Expect a lot more of this. The greedy tyrants of OPEC expect more oil production, which is why they are clamping down on members who produce too much.
It seems that OPEC has grown fond of the idea of oil >$100/bbl. Iran and Venezuela have both been making noise about the need to cut production to defend that price, and today OPEC announced that they would indeed be cutting production by half a million barrels a day.....Just another 'above ground' factor that is going to keep oil from falling much below $100. OPEC has the pricing power to achieve this. In fact, a big part of the reason the price got there in the first place was that OPEC cut too much for too long a couple of years ago. Not only did this tighten up supplies, but it also led to a lot of speculation that OPEC oil production had peaked. _RobertRapier
Intelligent observers of oil understand that most of the oil is still in the ground--by far. Political peak oil--a la Pelosi and Boxer as well as a la OPEC--keeps the oil supply tight and the price of oil high.

Even if the moronic US Democratic Senators finally decide to take the shackles off of US oil production, the US has several years of tight energy supplies coming--thanks to Boxer, Pelosi, and OPEC.

It may be time for Oynklent Green [OTC:OYNK] to take a look at all the people who are responsible for choking off energy supplies. It makes sense that the people responsible be made to give their all, to redeem themselves for their misdeeds. Call it Karma, or Kismet.



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