Re: Escalation in Egypt
A bit off the topic of this thread, but I really do wish that iTulipers who, let's face it are a pretty bright bunch, would take a moment to think about some of the stuff that gets posted here.
This, for example, is a completely nonsensical statement:
"...In addition to its geopolitical position as a major global oil transit chokepoint, Yemen is reported to hold some of the world’s greatest untapped oil reserves. Yemen’s Masila Basin and Shabwa Basin are reported by international oil companies to contain "world class discoveries."[10] France’s Total and several smaller international oil companies are engaged in developing Yemen’s oil production. Some fifteen years ago I was told in a private meeting with a well-informed Washington insider that Yemen contained "enough undeveloped oil to fill the oil demand of the entire world for the next fifty years."..."
At present the "entire world" burns up well over 80 million barrels per day of petroleum liquids. Let's be conservative and assume over the "next fifty years" the world consumes 75 million barrels per day. That's a total of 1.36 Trillion barrels. Saudi Aramco estimates its remaining recoverable reserves at 260 Billion barrels - and that estimate has been repeatedly questioned as unrealistically high. So the utterly ridiculous assertion above implies that Yemen is somehow going to supply RECOVERABLE reserves that are more than five times Saudi Arabia's. I'll take the other side of that bet...
This sort of uninformed stupidity from "a well-informed Washington insider" and the like seems especially prevalent when it comes to oil for some reason, and ranks up there with other nonsense that's been spouted in recent years by so-called "experts" and various national Ministry officials around the world - and I have seen posted over time on this site:
If there was a "barf" emoticon I'd be inserting it here...
Originally posted by D-Mack
View Post
This, for example, is a completely nonsensical statement:
"...In addition to its geopolitical position as a major global oil transit chokepoint, Yemen is reported to hold some of the world’s greatest untapped oil reserves. Yemen’s Masila Basin and Shabwa Basin are reported by international oil companies to contain "world class discoveries."[10] France’s Total and several smaller international oil companies are engaged in developing Yemen’s oil production. Some fifteen years ago I was told in a private meeting with a well-informed Washington insider that Yemen contained "enough undeveloped oil to fill the oil demand of the entire world for the next fifty years."..."
At present the "entire world" burns up well over 80 million barrels per day of petroleum liquids. Let's be conservative and assume over the "next fifty years" the world consumes 75 million barrels per day. That's a total of 1.36 Trillion barrels. Saudi Aramco estimates its remaining recoverable reserves at 260 Billion barrels - and that estimate has been repeatedly questioned as unrealistically high. So the utterly ridiculous assertion above implies that Yemen is somehow going to supply RECOVERABLE reserves that are more than five times Saudi Arabia's. I'll take the other side of that bet...
This sort of uninformed stupidity from "a well-informed Washington insider" and the like seems especially prevalent when it comes to oil for some reason, and ranks up there with other nonsense that's been spouted in recent years by so-called "experts" and various national Ministry officials around the world - and I have seen posted over time on this site:
- The Western Desert of Iraq is largely "unexplored" and contains massive reserves;
- The Empty Quarter of Saudi Arabia is largely "unexplored" and contains massive reserves;
- Brazil's offshore potential is so massive that it will soon become the next member of OPEC;
- Chevron's 2006 Jack-2 well discovered 15 billion barrels of oil in the Gulf of Mexico...
If there was a "barf" emoticon I'd be inserting it here...
Comment