Monday, January 30, 2012

Univ. of North Dakota Responds to Oil Boom

Grand Forks Herald -- "The University of North Dakota (UND) is stepping on the gas to meet the needs of the state's oil boom. The new Department of Petroleum Engineering at UND has enrolled 40 students in its bachelor’s degree program, and the number will climb to 50 or more by fall."

16 Comments:

At 1/30/2012 11:18 PM, Blogger Benjamin said...

Should not this be something the private-sector pays for?

 
At 1/31/2012 2:27 AM, Blogger Ron H. said...

I think this means that there will be a surplus of petroleum engineers in 4 years.

 
At 1/31/2012 3:39 AM, Blogger PeakTrader said...

Americans will work harder for less.

The era of cheap manufactured goods (through offshoring) and cheap oil (being depleted) are ending.

Also, I suspect, more resources will flow into farming.

And, government needs a lot more revenue.

 
At 1/31/2012 5:47 AM, Blogger Larry G said...

looking at the Prudhoe Bay Oil Field, it started in 1977 and hit peak in 1979 and as gradually gone down. Peak 1.5 m3/d and now it is 600 k3/d. Originally contained about 25 bb, now has about 3 bb left.

I believe MP reported that production in ND is close to what Prudhole Bay is right now.

Based on the Prudhole Bay experience, we might expect 30+ years for the ND oil.

but at some point - it will exhaust.

One might thing there are a lot of potential places in the world such as ND - perhaps remote from rail or pipeline.

I found this chart provided some perspective also:

List of countries by proven oil reserves

Venezuela tops both Saudi Arabia and Canada!

it's good for ND and the US but it won't last forever.

and a question.

Where is this oil being refined?

anyone know?

 
At 1/31/2012 9:00 AM, Blogger Jon Murphy said...

Should not this be something the private-sector pays for?

I agree. I'm sure, if we looked, we'd find private ND schools offering a similar program of studies.

I'd argue that the state shouldn't even be in the higher education business, but seeing as they are, it is good to see it reacting to market conditions, something governments have been notoriously awful at

 
At 1/31/2012 9:05 AM, Blogger Larry G said...

oh.. it's new business and I bet the govt gives them all the college loans they want, right?

 
At 1/31/2012 10:36 AM, Blogger Buddy R Pacifico said...

"where is this oil refined?"

"anyone know"

Larry, a lot of it here.

 
At 1/31/2012 10:39 AM, Blogger Larry G said...

thanks Buddy! I never considered that they'd ship it WEST!

pipeline?

 
At 1/31/2012 10:47 AM, Blogger AIG said...

"we'd find private ND schools"

This is ND. If it weren't for government subsidies, no one would live in North Dakota.

 
At 1/31/2012 1:41 PM, Blogger Che is dead said...

"One might thing there are a lot of potential places in the world such as ND - perhaps remote from rail or pipeline. I found this chart provided some perspective." -- Larry G

Sorry, Larry, but that chart provides little to no perspective at all.

As the most recent report of the Institute of Energy Research points out, official estimates of proven reserves mean absolutely nothing. "In 1980, official estimates of proved oil reserves in the United States stood at roughly 30 billion barrels. Yet over the past 30 years, more than 77 billion barrels of oil have been produced here"

According to the IER, the U.S. alone has approximately 1.442 TRILLION barrels of recoverable oil, 2.744 QUADRILLION cubic feet of recoverable natural gas and 486.1 BILLION short tons of coal.

IER Report

 
At 1/31/2012 2:07 PM, Blogger Larry G said...

geeze...she is dead.. this official sounding group just blows...

" In 1995, the U.S. Geological Survey (USGS) estimated that the
Bakken Shale formation in the western part of North Dakota and eastern Montana held 151 million barrels
of recoverable oil. But with advances in drilling and production technologies, including the expanded use of techniques such as hydraulic fracturing and horizontal drilling, the USGS in 2008 had to revise upward its estimates 25-fold.
The agency now estimates that the Bakken holds as much as 4.3
billion barrels of oil.27 Just three years after the latest USGS report,
oil analysts are saying that Bakken could potentially hold more than
20 billion barrels of recoverable oil,28"

Now.. please notice that they did NOT footnote the claim that USGS "had" to revise it's forecast...where is that reference?

Second.. please notice that they DID footnote the part about "potentially hold more than 20 billion"

so you follow that footnote and guess what...

it's a shill article in WSJ by Stephen Moore and he's quoting one guy who is offering a wild assed guess:

" How much oil does Bakken have? The official estimate of the U.S. Geological Survey a few years ago was between four and five billion barrels. Mr. Hamm disagrees: "No way. We estimate that the entire field, fully developed, in Bakken is 24 billion barrels."

If he's right, that'll double America's proven oil reserves. "Bakken is almost twice as big as the oil reserve in Prudhoe Bay, Alaska,"

now.. she is dead... does this sound like a trustworthy approach?

this is the kind of thing that IER does...

they put out these official looking reports .... with footnotes and all...but if you actually follow the footnotes you get blather... not science

sorry guy.(gal?) you need to come up with CREDIBLE sources whose footnotes actually lead to real data... not some oil guys' wet dream.

oh oh..this looks bad:


Snopes - mixture of true-false info on Bakken Oil Reserves

oh geeze..she is dead...tell me it aint so..

 
At 1/31/2012 3:02 PM, Blogger Che is dead said...

"Now.. please notice that they did NOT footnote the claim that USGS "had" to revise it's forecast...where is that reference?" -- Larry G

It's on the USGS website:

Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation. A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil. -- USGS Newsroom

Assuming that horizontal drilling and fracking techniques continue to advance in the years ahead, making even more of the Bakkens crude oil recoverable the potential is huge. Another 10-20 fold upgrade of the Bakkens potential would make it equivalent to Saudi Arabias Ghawar field, currently the largest in the world.

The Bakken is said to hold a mean estimate of 413 billion barrels of technically recoverable oil according to a report cited by Snopes.

 
At 1/31/2012 3:25 PM, Blogger Che is dead said...

This comment has been removed by the author.

 
At 2/01/2012 12:50 AM, Blogger Che is dead said...

"this is the kind of thing that IER does...they put out these official looking reports .... with footnotes and all...but if you actually follow the footnotes you get blather... not science" -- Larry G

America’s combined energy resources are, according to a new report from the Congressional Research Service (CSR), the largest on earth. They eclipse Saudi Arabia (3rd), China (4th) and Canada (6th) combined – and that’s without including America’s shale oil deposits and, in the future, the potentially astronomic impact of methane hydrates. -- Energy Tribune

From the CRS report:

"The Department of Energy (DOE) Office of Naval Petroleum and Oil Shale estimates that approximately 1.38 trillion barrels of shale oil are potentially recoverable from the roughly 7.8 million acres of federal oil shale.A more conservative estimate by the RAND Corporation is that 800 billion barrels may be recoverable." -- U.S. Fossil Fuel Resources: Terminology, Reporting, and Summary, CRS

The numbers jump around a little from report to report, but they all point to the same thing - you do not know what you're talking about.

 
At 2/01/2012 6:08 AM, Blogger Larry G said...

The IER report is bogus propaganda as well as the Energy Tribune site which is just flat out anti-Obama rhetoric.

citing these as reputable sources of info is comical.

they take actual data from official us sources and proceed to pervert it for propaganda purposes.

 
At 2/01/2012 10:34 AM, Blogger Che is dead said...

"The IER report is bogus propaganda as well as the Energy Tribune ... they take actual data from official us sources and proceed to pervert it for propaganda purposes." -- Larry G


It's funny how the CSR report and the DOE report jibe with the IER and ET conclusions, isn't it? I guess they must part of the anti-Obama conspiracy as well.

 

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