On Mon, Jan 17, 2011 at 01:24, Udhay Shankar N <[email protected]> wrote: > So France [1] and Australia [2] might end up becoming the new Saudi > Arabias. IF these pan out (and that's a big if) then: > > * What does this mean for Peak Oil? > * What does this mean for geopolitics? > * What does this mean for climate change? (i.e., what will we do with > the fricking carbon?)
10 times Bakken formation would be in the range of 30 billion barrels, or about 1 year of current consumption. It is probably in the order of magnitude of the pre-salt formation out of the coast of Brazil which is expected to require something to the tune of over 200 billion dollars to develop and produce about 4 million barrels per day (against a world consumption of about 80 million). It is not something that would save the world. It would be good for energy security in Europe and reduce a little its dependence on foreign oil, but it's shale and so very expensive and dirty and will mostly replace production that is declining elsewhere. I guess what I take from that is: little is changed. Andre
