Oil quotes

From: Glenn Morton <glennmorton@entouch.net>
Date: Wed Sep 22 2004 - 23:15:19 EDT

This was in the financial times of London. If one thinks that tar sands
will bail us out, think of this. 80 million barrels per day is what we
are producing the world. To replace that with tar sands will require
moving 160 million tonnes of rock.

Athabasca
"Roughtly two tonnes of the sands must be dug to produce one barrel of
oil." Carola Hoyos, "Tough Choices for Oil Companies int he Quest to
Head off a Global Capacity Crunch," Financial Times, Sept 22, 2004, p.
19

"Meanwhile recent exploration for new reserves has proved realtively
unsuccessful: global reserves found since 2000 when Kazakhstan's giant
Kashagan oil field was discovered, have fallen 40 per cent compared with
the previous four-year period."
       "This failure to find easily exploitable oil leaves the industry
with a stark choice. Either companies pursue challenging, unconventional
ventures with high overhead costs--which could prove unprofitable if
large volumes of cheaper oil come to the market--or they continue to
push to invest in countries such as Russia and Saudi Arabia, where the
political climate for investment is, at best, uncertain." Carola Hoyos,
"Tough Choices for Oil Companies int he Quest to Head off a Global
Capacity Crunch," Financial Times, Sept 22, 2004, p. 19

"The decline of oil was most famously predicted by M. King Hubbert of
the US, who was largely correct when he forecast, 14 years before the
event, that oil production in the contiguous US (excluding Alaska and
Hawaii) would peak around 1970. He believed the peak for world oil would
come around 2000." Carola Hoyos, "Tough Choices for Oil Companies int he
Quest to Head off a Global Capacity Crunch," Financial Times, Sept 22,
2004, p. 19

"Between 2001 and 2003 only six of the world's 15 leading oil companies
managed to replace all the reserves of oil they pumped, according to
Deutsche Bank,"Carola Hoyos, "Tough Choices for Oil Companies int he
Quest to Head off a Global Capacity Crunch," Financial Times, Sept 22,
2004, p. 19
Received on Wed Sep 22 23:32:23 2004

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