Wednesday, February 6, 2019

Saudi Arabia Pumped Lowest In Eight Months -- February 6, 2019; Tesla Cuts The Price On The Model 3 For The Second Time This Year

Saudi Arabia: No link. Story can probably be found easily. Platts reorts that Saudi Arabia pumped 10.21 million bbls of oil in January, an 8-month low. Look at Saudi Arabia's foreign exchange reserves. The most recent data is for December, 2018. It will be interesting to look at January, 2019, data. By the way, let's put that 10.21 million bbls into perspective. Saudi oil production at this site. Tenpointtwoone vs tenpointsevenseven: a delta of 560,000 bopd, or 5%. Also, note, about half of Saudi's production is used for domestic consumption, mostly to pay for a/c in the summer. Saudis are not using their a/c right now. The fact that Saudi produced 5% less oil than in October means absolutely nothing.


Guyana: will produce more oil than Venezuela by 2025. Peak oil? What peak oil? I remember all that hand wringing over the past ten years that the majors were not spending enough money to find new sources of oil when/if shale oil petered out. LOL. Look at this. From the Rigzone staff: offshore Guyana partners hit more pay:
Exxon Mobil Corp., Hess Corp. and CNOOC Limited have tallied two more discoveries in the Stabroek Block offshore Guyana.
Hess and ExxonMobil on Wednesday reported discoveries at the Tilapia-1 and Haimara-1 wells in the southeastern part of Stabroek. The discoveries represent the 11th and 12th Stabroek successes, respectively. Both wells offshore the tiny South American country were wildcats.
“These two discoveries demonstrate the continuing exploration potential on the prolific Stabroek Block and add to the previously announced gross discovered recoverable resource estimate of more than 5 billion barrels of oil equivalent,” Hess CEO John Hess said in a written statement emailed to Rigzone.
Tesla: for the second time this year, Tesla cuts the price for the Model 3.

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The Book Page

From Genius: The Life and Science of Richard Feynman, James Gleick, c. 1992, page 141.

The Manhattan Project ....
Chicago, Berkeley, Oak Ridge, Hanford: the first outposts of the Manhattan Project eventually became permanent capitals of a national nuclear establishment. To produce purified uranium and plutonium on a scale of mere pounds would required the rapid establishment of the largest single-purpose industrial enterprise ever. 
General Electric, Westinghouse, Du Pont, Allis-Chalmers, Chrysler, Union Carbide, and dozens of smaller companies combined in an effort that would see giant new factory towns rising from the earth. 
Yet in the first uncertain months after the attack on Pearl Harbor nothing in the modest scale of nuclear research even remotely foreshadowed the impending transformation of the nation's war-making capacity.

4 comments:

  1. It is my understanding that operators in the Bakken have yet to really "attack" the lower benches/ formations as of yet.
    Is that still true?

    ReplyDelete
    Replies
    1. That is very true. In fact, they have not even drilled the first bench of the Three Forks to the same degree that they have drilled the middle Bakken.

      Delete
  2. Has any data been put out on how many bbls have been recovered from the Three Forks so far? ND provides the latest survey which averages out to ultimate recovery of 2 billion bbls (out of 20 billion) from the Three Forks. However, that report was from 2010, I'd expect that number would go up.

    ReplyDelete

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