[Marxism] Re Peak Oil
jonflanders at jflan.net
Fri Oct 14 20:30:13 MDT 2005
> "Chevron said on Monday that it was moving ahead with a $900 million
> development called, without irony, Blind Faith. The field, discovered
> in 2001, has potential reserves of 100 million barrels of liquids, and
> is expected to start producing in 2008."]
100 million barrels is a laughably small amount of oil compared to Saudi
Arabia's Ghawar which after 50 years is still producing nearly 5 million
barrels a DAY. Of course now it is taking 7 million barrels a day of
water injection to get this result.
It just shows how desperate the situation is that oil companies are
making these kinds of investments.
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