The Elusive Bonanza...Oil Price Canadian tar sandsCanadian tar sands ethanol CTL GTL 1975 1990 2005
Transcript of The Elusive Bonanza...Oil Price Canadian tar sandsCanadian tar sands ethanol CTL GTL 1975 1990 2005
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The Elusive Bonanza
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Yankee Ingenuity Will Capture the Prize
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Chasing aChasing a Mirage
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Decades of Quiet, Punctuated by O tb k f H l d HOutbreaks of Hoopla and Hype
“An oil shale industry could be initiatedAn oil shale industry could be initiated by 2011 with initial production of 200,000 b/pd with an aggressive goal of 2 millionb/pd, with an aggressive goal of 2 million b/pd by 2020. Ultimate capacity could reach 10 million b/pd ”reach 10 million b/pd…
--2004 report funded by the U.S. D t t f EDepartment of Energy
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‘Colorado Oil Shale Follies’: Long play starring dreamers, hucksters, gullible reporters, deludeddreamers, hucksters, gullible reporters, deluded federal officials, local boosters, stock swindlers, dedicated engineers and one Black Sunday
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Oil Price
Canadian tar sandsCanadian tar sands
ethanol
CTLGTLGTL
1975 1990 2005
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1/10,000th of global energyglobal energy, much less than animalthan animal manure
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Is God Brazilian?
Sub-salt at Tupi
Single well costs $100 million; development will take decades
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Petroleum QualityU
LITY
ity)
CONVENTIONAL
UID
QA
U
API
gra
v
FLU (A
UNCONVENTIONAL
ROCK QUALITY(permeability in md)
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Prudhoe Bay: 15 billion barrels
Shell already has rights y gto $1 trillion of shale…
GONEGONE
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Petroleum QualityU
LITY
ity)
CONVENTIONAL
UID
QA
U
API
gra
v
FLU (A
UNCONVENTIONAL
ROCK QUALITY(permeability in md)
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Petroleum QualityU
LITY
ity)
CONVENTIONAL
UID
QA
U
API
gra
v
FLU (A
UNCONVENTIONAL
ROCK QUALITY(permeability in md)
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70000North Dakota Oil Production
60000
40000
50000
30000
N th D k t h d d
kb
10000
20000 North Dakota has produced more oil in the last 15 years than the global oil shale industry has in the
0
10000 global oil shale industry has in the last 150 years
1994 1996 1998 2000 2002 2004 2006 2008
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Kerogen Is Not Petroleum, Tons Are Not Barrels
ULI
TY
ity)
CONVENTIONAL
UID
QA
U
API
gra
v
FLU (A
UNCONVENTIONAL
ROCK QUALITY(permeability in md)
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Immature Source RockImmature Source Rock
accumulationof organics
and clay
burial -organic
black shale
deeper burial -kerogen
oil generation& migration
and clay black shale
Wishing Can’t Make it So
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“In reality so-called ‘oilIn reality, so-called oil shale’ is a low-grade, high-ash, hydrogen-i h li l”rich, sapropelic coal”
--Utah Geology ProfUtah Geology Prof
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Cap’n Crunch contains 3 times more energy per pound than oil shale
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Energy Return Will be Very Low
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100,000 b/d operation would be the , plargest single user of electricity on Earth
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‘Carbon Budget’ must be divided between nations generations and fuels
BAU ( 6°C+)
nations, generations, and fuels
(~3°C)(~2°C)
Path for 50% chance of avoiding ∆Tavg >2°C (gold) is much more demanding than path for 50% chance of avoiding >3°C (green).
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The Ultimate IQ testIQ test
Other energy gyalternatives make muchmake much more sense
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HomeHome Delivery
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U S OIL PRODUCTION 1900 TO 2050U.S. OIL PRODUCTION 1900 TO 2050
PEAK 1970
2001DOWN
2001 THE OIL “OFF
GONE: 65% OF U.S. OIL HAS BEEN USED
RAMP”
BEEN USED. IT’S HISTORY.
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
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Steady State ScenarioOPEC t 35 illi b/dOPEC stays ~35 million b/d
100 100World peaks at 86 million b/d in 2011
80
90
100
80
90
100actual forecast
50
60
70
on b
/d
50
60
70
OPEC
OPEC
30
40
50
mill
io
30
40
50OPEC
FSUFSU
0
10
20
0
10
20
Non-OPEC - FSU Non-OPEC - FSU01930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
0
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We have already begun an energy transitionenergy transition
U.S. using 2 million b/d less oil today than 5 years ago
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Remaining OilConventional: 1000 Bb
Tar Sands: 500 billion
Bitumen: 500 billion
Oil Shale: 1000 billion
Coal Liquids: 5000 billion
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• Dostoevsky in Crime and Punishment:Dostoevsky in Crime and Punishment: • “Do you think I care if they talk nonsense?
Hogwash! I am a man, therefore I talkHogwash! I am a man, therefore I talk nonsense. Nobody ever got a single truth without talking nonsense fourteen times gfirst. Maybe even a hundred and fourteen. That’s all right in its own way. We don’t
k h t t lkevenknow how to talk nonsense intelligently, though!”
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Range of heating values for regional coals (maximum minimum and average BTU/lb)(maximum, minimum and average BTU/lb)
16,000
10 000
12,000
14,000
11,85112,697
6,000
8,000
10,000
8,220
2,000
0
4,000
OIL SHALE0
Powder RiverBasin coal
Eastern bituminous
average (mean) heat content (BTU/lb)
Colorado Coal Active Mines
Sources: Colorado Geological Survey, Colorado Coal Quality Data (Information Series 58); USGS, CoalQualDatabase; USGS Professional Paper 1625-A.
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Energy Content of Fuels
crude oil
natural gas
cattle manure
coal
crude oil
municipal trash
firewood
cattle manure
baked potatoes
oil shale
municipal trash
0 10 20 30 40 50
baked potatoes
Million BTU/ton
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Time
deformation, oil migration & accumulation in a ‘trap’
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Time
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The Petroleum “Kitchen”
‘Oil window’
‘Gas window’Gas window
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• Do we have the time capital carbon andDo we have the time, capital, carbon, and water to pursue this marginal energy resource? Don’t we have better choices?resource? Don t we have better choices? things to do?
• Is oil shale an idea whose time has• Is oil shale an idea whose time has passed, whose time will never come, whose time never was whose time haswhose time never was, whose time has come, or whose time has passed?
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RESOURCE QUALITY AND UNCONVENTIONALS
50
60
40
LITY
ty)
OIL FROMMATURESOURCE
30
UID
QU
AA
PI g
ravi SOURCE
ROCKS
10
20FLU (A
EXTRA-HEAVY
0
10OIL SHALE OIL/BITUMEN
0.01 0.1 1 10 100 1000 10000ROCK QUALITY
(permeability in md)
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