Sunday, August 08, 2010

Oil Drilling in US Set to Skyrocket -- Waiting on Obama

The global salt push is just beginning, with many companies looking to duplicate the success seen in the Gulf of Mexico....where massive reserves were found beneath a "mother" salt sheet....There are decades of exploration left in the Gulf of Mexico... _NYT

US oil drilling and production is taking off, onshore. If not for Obama's insane moratorium on new offshore drilling, the numbers would be truly impressive.

Geologists are finally beginning to understand how to locate and exploit huge oil deposits hiding near the salt fields. As geologists get better at it, the rest of the industry will follow along. And that means that "peak oil" will get pushed even further back.
The global push for salt-hidden oil is only gaining steam, geologists say.

"Salt over the decades has been a difficult rock to seismically image," said Clint Moore, a vice president at ION Geophysical Corp, a seismic technology company. "And we now seem to have solved that problem. And that opens up all kinds of abilities to see the geology of the earth more clearly."

Moore, while at Anadarko Petroleum Corp., was one of the earliest geologists to probe beneath the Gulf's salt, helping discover the Mahogany oil reservoir, the region's first producing subsalt field, after burrowing through 3,825 feet of salt in the early 1990s. The productivity of these salt-based fields could prompt a re-evaluation of peak oil's arrival, he said.

"If the volumes are there, this will be a significant addition to the world's resources," he said. _NYT

Under the Obama Pelosi policy of "energy starvation", the priority has been to shut down coal mines and power plants, to drag their feet on approval of safer nuclear reactor designs, and to prohibit new oil drilling at the slightest excuse.

But in the devastated economy that has followed Obama's attempted radical overhaul of the US financial and industrial sectors, such "energy starvation" appears extremely foolish and short-sighted. Everyone is waiting on Obama. When will he arrive?



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