jules21 wrote:greyhoundtom wrote:News Release 8th November 2012
The hype about US shale oil is obscuring the bald fact that, like the Bass Strait oilfields, the output from many of the world’s super-giant oilfields is in serious decline and is only just being matched by new small fields being discovered and brought into production now.
this is misleading. shale oil has 2 problems:
1. it is only marginally economical to extract at current oil prices. that will clearly change as crude oil reserves continue to be depleted.
2. its extraction is environmentally disastrous.
on the "plus" side, there are vast reserves of shale oil and there is no shortage of it. the question is - how badly do we want to get at it?
And shale oil production declines at rates of around 40% after the first year. In the US the average shale oil well produces around 140 barrels per day compared to conventional wells that produce 100,000 bpd