23 February 2008

Peak Oil: Meet PIP

Discovering new oil and gas deposits is expensive and time-consuming. But new exploration technologies are making it easier to find deposits that were almost impossible to find with traditional seismic technology. One of these technologies is PIP: Passive Induced Polarization.
Eldorado Exploration (Pink Sheets:EDEX) announced today that it expects its Passive Induced Polarization “PIP” technology to locate hundreds of undiscovered commercial oil and gas deposits. ‘PIP’ can be used to survey large areas and find large and small targets that traditional 3D Seismic technology used by the major oil and gas companies couldn’t find or were judged cost prohibitive. The potential commercial value of these undiscovered oil and gas reserves if successfully located and drilled is in the billions.

...The process helps eliminate geological prospects that will be dry holes. Strong signals indicate commercial potential of discovering oil and/or gas. No signal or weak readings indicate low probability for a successful find. The cost of evaluating prospects is a small fraction of 3D Seismic and takes much less time. 'PIP' technology takes days instead of months or years for 3-D Seismic.___Source
The amount of oil still in the ground, undiscovered, is no doubt far larger than all the oil that has been extracted or discovered to this time. It would be absurd to assume otherwise, given the miniscule proportion of the Earth's crust that has actually been explored--in any meaningful way.

This year is projected to be an active year for oil exploration and production startups.
The number of start-up oil and gas exploration and production companies in the U.S. is on pace to match the high volume seen in 2007, according to Oil and Gas Investor This Week, the online weekly e-letter of Hart Energy Publishing.

Oil and Gas Investor This Week recently published its annual round-up of 2007 E&P start-ups, showcasing 36 new companies.

“The past year saw no shortage of new energy companies, with high equity commitments helping to form new E&Ps and the promise of long-term benefits inspiring an explosion of MLP IPOs. Already, 2008 is looking to continue the previous year's trend,” remarked Stephen Payne, editor of Oil and Gas Investor This Week....Oil and Gas Investor This Week is the most authoritative news source on new financings in North America. Fifty times a year, the e-letter features news on company formations, moves by key industry personnel and comprehensive lists of new financings and insider trading.____Source

The huge untapped petroleum resources that remain in the ground, will be of benefit as a bridge between present non-sustainable energy methods, and the more sustainable energy that humans are just beginning to master. When humans abandon petroleum, it will not be due to peak oil, or the lack of more oil to pump. It will be due to cleaner, sustainable, less expensive fuels that are readily available.

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