Jccarlton wrote:This begs the question, are we not finding oil because there isn't any or because we are not looking? From what I have seen the oil exploration business essentially died due to low prices and the severe restrictions in the lower 48.
Low prices back in '88 seems to have put a damper on things. Yes there is oil being found, but at increasing depths, no longer less than a mile, and as deep as 5 miles, and in tuff spots, like a salt layer over the reservoir. And in much smaller fields.
No super giant fields have been found since 1960, no giant fields since 1980. TO give you some perspective the largest oil field in the world is Gahwar in Saudi Arabia, 164 miles long. which at best used to pump about 6 Mbpd, ANWAR, if developed would pump 160k bpd. The largest field in decades is probably Mexicos Jack, predicted to yield about 1.5 Mbpd. Gahwar was 1st drilled circa 1949, water injection started in the early 1960's, and now Gahwar is pumping out over 60% water at the north end, some wells at the north end have been plugged because they pumped out 100 % water.
BAck in the day, the best place to pump was the shallow high quality oil, API over 40, for reference deisel is API 30, gas is API 60. Also important is rock porosity, Gahwar's north end has porous rock, easy to pump, the middle and south ends are progressively less porous. So all the easy high quality oil has been found, and mostly pumped out.
Also important are impurities like sulfur & poisonous hydrogen sulfide. With Light sweet crude all but gone, medium crude with sulfur contents over 2%, means refinery's have to build catalytic crackers to process crude before it can be traditionally refined.
Less pure, deeper, smaller fields cost more to develop.
I have no idea what you mean by severe restrictions in the Lower 48, whose production peaked in 1971.... again all the good big easy oil was found before WW2.
Mexico peaked in 2004, Saudi Arabia 2006, Kuwait Iran have both peaked, US in 1971, Alaska 1988, North Sea 1999. Only Russia and Iraq have not peaked.
I like the p-B11 resonance peak at 50 KV acceleration. In2 years we'll know.