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We won't empty the earth of fossil fuels, but when fields reaches negative ROI/EROEI they are no longer worked. It is likely in the not to distant future that o
by eCa 11y ago
We won't empty the earth of fossil fuels, but when fields reaches negative ROI/EROEI they are no longer worked. It is likely in the not to distant future that oil prices will rise or production fall. (Added: This is why the tarsands are worked now; they weren't economical in the $10/barrel era).
To put things in perspective. This vessel is planned to extract 110,000 barrels per day. The world currently consumes 85-90 million barrels per day. In other words, this vessel will supply 0.1% of the current demand for oil.
- jofer 11y agoThis is also natural gas and not oil. They're very different markets and usages.
- eCa 11y agoAh, yes. The BOE got me confused.. Calculation makeover: We consume about 50 million BOE of natural gas per day[1], so this vessel will fulfill 0.2% of the current demand. [1] https://en.wikipedia.org/wiki/List_of_countries_by_natural_gas_consumption https://en.wikipedia.org/wiki/List_of_countries_by_natural_g...
- jofer 11y agoOf total gas production, yes. However, LNG is a different story. Unless I'm doing the math wrong (which is quite possible), this facility alone will produce ~2% global LNG production. (This facility has a capacity of up to 5.3 mmtpa, while global production of LNG in 2014 was 246 mmtpa.) I'm not saying it's dwarfing global supply, but a single facility producing 2% of the global output is a pretty big deal. Of course, global LNG output will probably be significantly higher by the time this facility comes on-line, and 5.3 mtpa is its maximum production. At any rate, it doesn't really detract from what you were saying overall, but this is a very major player in the LNG market.