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Q: world petroleum supply ( Answered,   2 Comments )
Question  
Subject: world petroleum supply
Category: Business and Money > Economics
Asked by: erigena-ga
List Price: $2.00
Posted: 04 Apr 2003 20:55 PST
Expires: 04 May 2003 21:55 PDT
Question ID: 186257
what is the hubbert limit?
Answer  
Subject: Re: world petroleum supply
Answered By: juggler-ga on 04 Apr 2003 21:52 PST
 
Hello.

The Hubbert Limit is the point at which worldwide oil production
peaks, after which production begins a  permanent decline.

Source:

"...and most authorities agree that around 2016 the Hubbert Limit will
be reached. This represents the peak rate of oil production, after
which, even with the pumps working flat out and everything possible
done to maximize the rate at which crude comes out of the ground,
production will go into steady and irreversible decline."
Smh.com.au:
http://www.smh.com.au/articles/2003/02/11/1044927592989.html


There's quite a bit of disagreement among analysts not only over when
this peak will occur but also over the event's economic effects.

More information: 

Hubbert's Peak: The Impending World Oil Shortage
Hosted by Princeton.edu :
http://pup.princeton.edu/chapters/s7121.html

The Global Hubbert Peak
Forecast of Future Global Oil Output 
hosted by hubberpeak.com
http://www.hubbertpeak.com/midpoint.htm

M. King Hubbert
hosted by hubberpeak.com
http://www.hubbertpeak.com/hubbert/

Hubbert's Peak: The End of the Oil Era
King Hubbert Updated
http://hubbert.mines.edu/news/v97n1/mkh-new2.html

Problems with Hubbert’s Model.
hosted by ncpa.org
http://www.ncpa.org/pub/bg/bg159/index.html#e

search strategy:  hubbert limit , hubbert peak, oil production 

I hope this helps.
Comments  
Subject: Re: world petroleum supply
From: neilzero-ga on 05 Apr 2003 01:47 PST
 
I read the last link supplied by jugglar-ga. According to this
analysis only anthesite coal in Pennsylvania has followed the
Hubbert's peak analysis. The production dropped off rapidly because
most people switched to cleaner oil and natural gas at about the same
cost or less. In the year 2000 lower 48 USA oil production was 2.4
times the amount predicted by Huber, which casts considerable doubt on
the theory called Hubbert's peak. World wide, the price of crudeoil
may not double (adjusted for inflation) before 2099 even if no
reduction in annual oil pumped occurs.  Neil
Subject: Re: world petroleum supply
From: baby_p_nut2-ga on 11 Jul 2004 09:24 PDT
 
In http://www.ncpa.org/pub/bg/bg159/index.html#e David Deming writes:

<< Hubbert?s 1980 prediction of U.S. oil production, his last, was
substantially less accurate than his 1956 ?high? estimate.27 In the
year 2000, actual U.S. oil production from the lower 48 states was 1.7
times higher than his 1980 revised prediction [see Figure V]. >>

Figure V shows a higher peak followed by a faster decline.

Technological improvements in oil drilling appear to only speed the rate at
which the finite amount of oil that is in the ground comes up.  This is an
observation not a theory.  Yibal was the vanguard for technological
improvements such as horizontal infill ("sideways between established wells")
drilling and this is what happened.

definition of "water coning" with diagram:

http://www.glossary.oilfield.slb.com/Display.cfm?Term=coning

definition of "water cresting" with diagram:

http://www.glossary.oilfield.slb.com/Display.cfm?Term=cresting

Matthew Simmons used "channeling" in this interview but I think that "cresting"
would have been the more commonly used term:

http://www.globalpublicmedia.com/TRANSCRIPTS/index.php?name=MATT%20SIMMONS&origin=/INTERVIEWS/MATT.SIMMONS/index.php&transcript=2004/04/MattSimmons.Interview.2004-04-27

<< The relevancy though is what happened at Yibal was that by 1990 they
couldn't drill vertical wells anymore, because the vertical wells would water
up within months, because the oil column was now so thin that you just couldn?t
put a vertical well down low enough. It was either at the top of the reservoir
or - and so they went to - it was the first field in the Middle East that
embraced the use of horizontal drilling, and they thought that was terrific for
the first 2 or 3 years until all of a sudden this long horizontal extension
channeled up as opposed to coned up. Coning is just when it gets the
[inaudible]. Channeling is when it gets the whole extension. So they then went
to the first generation of these extensions coming out, so that you can kind of
hide from the problem of channeling, and for about 3 years, they thought they
had licked it when they got the well productivity back up to 8 to 10 thousand
barrels a day, but what they were doing without realizing it is just shrinking
the oil column till it was gone, and once it?s gone the production drops, the
gas all comes out, the water co-mingles and you have the unbelievable story of
Yibal. >>

see also

http://www.spe.org/cgi-bin/viewpaper.cgi?paper=00084939.pdf

Maximizing Yibal's Remaining Value

F.C.J. Mijnssen, SPE, and
D.G. Rayes, SPE,
Petroleum Development Oman;
I. Ferguson, SPE,
Consultant; and
S.M. Al Abri,
G.F. Mueller,
P.H.M.A. Razali, SPE,
R. Nieuwenhuijs, and
G.H. Henderson,
Petroleum Development Oman

Copyright 2003
Society of Petroleum Engineers

Also see the diagrams about what happened at Yibal in this slide show:

http://www.spe-nl.org/Presentations/SPE_Lecture_Mijnssen.pdf

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