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Exxon and Russian Operation Discovers Oil Field Larger Than the Gulf of Mexico
An anonymous reader writes The state-run OAO Rosneft has discovered a vast pool of crude in the Kara Sea region of the Arctic Ocean, arguably bigger than the Gulf of Mexico. From the article: "The discovery sharpens the dispute between Russia and the U.S. over President Vladimir Putin’s actions in Ukraine. The well was drilled before the Oct. 10 deadline Exxon was granted by the U.S. government under sanctions barring American companies from working in Russia’s Arctic offshore. Rosneft and Exxon won’t be able to do more drilling, putting the exploration and development of the area on hold despite the find announced today."
Oil's well that ends well
Russians dont have more oil...no problem with that.The nice thing about that oil is that it will still be there 5 years from now.
"This is our united victory - it was achieved thanks to our friends and partners from Exxon Mobil, Nord Atlantic Drilling, Schlumberger, Halliburton..."
Time until Republicans start saying "Lift sanctions" 5...4..3..2...1
Last night I watched There Will Be Blood. I drink your milkshake!
This is bad news for alt fuels, because it could lower oil prices. But it's good news for weakening the OPEC block further. The only reason the world tolerates the Middle East crazies is cuz of the oil.
It's almost as if Russia was anticipating this all along, and decided that the Crimea is up for grabs. With a leverage this big I'm surprised they didn't chose something juicier. Just saying...
I remember one teacher who liked investigating conspiracy theories about how the world will run out of peak oil one day and everyone will freak out. 10+ years later and we're still finding the stuff, will prices go back down now? Will there be a war over it? I won't be able to afford a Tesla for a while so this buys my some time :)
"Rosneft and Exxon won’t be able to do more drilling, putting the exploration and development of the area on hold"
Who exactly is supposed to be worried this is a bad thing? For the next 10 or 20 years the oil will be more valuable to Russia in the ground as long as they have evidence that it's there.
It looks like the date for "peak oil" just pushed out awhile, again.
much of left-wing thought is a kind of playing with fire by people who don't even know that fire is hot - George Orwell
"The well found about 1 billion barrels of oil..."
The world uses 86 million barrels per day, so this buys us about 11 extra days. Whoopee Do...
because it could lower oil prices.
This is exactly what we need right now in the short term until alt fuels get cheaper. Its going to be decades before all the gas cars are off the roads, poor people cant afford new cars so they buy used, there isnt much of a used electric market out there right now. It has the added benefit of not being in the middle east like you said. To me this is a win-win-win, except for that pesky russian thing that we need to resolve.
have you seen my sig? there are many others like it but none that are the same
Well, sort of. It could further decouple the USD from energy sources, and negatively impact our economy. Russia has already started gas deals with China traded in rubles instead of dollars. I'm not entirely sure how the world would react to a sharp decline in the dollar, or if that will even happen.
Is Ms Thrace causing trouble again?
Even the shale gas estimates and the Canadian tar sands estimate etc are being revised downwards. They drill a few test wells, and interpolate and "guestimate" what lies in between. Let us see how this estimate holds up once the investment needed to further develop them are all reeled in and the time pay dividends come up.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
the state govt will do it , and exxon will go home and not get jack its why the rockefellers are out of oil....oil is no longer under jewish american hands
*nm*
BioFilm's flagship product is Astroglide personal lubricant, aptly named, since Wray developed the clear, slippery, water-based product while working on a space shuttle at Edwards Air Force Base in 1977.
Wray, a chemist who was in the "bombs and rockets" business for 20 years, was working on the shuttle's cooling system when life took a surprising turn.
"I was trying to remove the oil from anhydrous ammonia and I ended up with this substance," he said.
You're going to suck until you stop making up stuff that can be checked withing ten seconds.
Ezekiel 23:20
Good, maybe exoff will pay some of the American fisherman now they owe from Prince William Sound and that goddamned tanker exoff Valdez.
Sorry, Putin and Koch. Time to get the fuck out of our sunlight.
Russia won't be able to make any use of that discovery without western technology. That's why they needed Exxon's help. So, this is a leverage on the Russians who depend on the oil money.
arguably bigger than the Gulf of Mexico
Arguably? You've carried out your own exploration and you disagree about its extent?
That's just more oil that should be left in the ground, at least until we can get CO2 below ~350 parts per million
Pain is merely failure leaving the body
Fossil fuels are a dense store of energy. The equipment for harnessing that energy is quite cheap, unlike nuclear. That energy can used any time, on a moment's notice, unlike wind and solar, which come at only certain times. That is why fossil fuels will be used for a long time.
it also doesn't contain any oil, but it does contain propylene glycol which is derived from petroleum (or other fossil fuels).
"They were pure niggers." – Noam Chomsky
How long until the US suspects Russia of terrorism? Then war, and, conveniently, oil. (if we win)
Exxon care so little about this planet and so much about their own profit that they don't give a damn if they kill off the planet, as long as they get theirs. Bastards.
We do now know why the Russians and Americans are starting to posture over Eastern Europe though... They know there's the potential for a war, and are positioning themselves for it.
Propylene Glycol is an organic chemical product that can also be derived from Palm Oil
Muchas Gracias, Señor Edward Snowden !
I can see that already. Find a small rock in that see and build a shelter on it — nothing fancy, as long as a SEAL can survive on it for a day or two. Place a retired SEAL on it. Organize a referendum on the rock on whether or not the "residents" wish for their territory to become part of the United States. Claim the land &mdash and the surrounding waters — as American.
PROFIT!
In Soviet Washington the swamp drains you.
The only reason the world tolerates the Middle East crazies is cuz of the oil.
The Russians are also proving they can be crazy as well.
Last time it was your boy-wonder, who lifted the sanctions against Russia... Abandoning American ally Georgia for the sake of Putin's help against Iran. Ha-ha — much good did it do then...
In Soviet Washington the swamp drains you.
WOW, you just annoyed a few of the most Ionospheric modification savvy people in the world, but we appreciate the global warming denial comment. A few of us would like to chip in and send you on a one way trip via a midnight train to Atlanta, GA.. dumbass. :o)
This is why you don't do drugs, kids.
Iran and Russia have sent those assholes out to distract and ensnare US into a war so North Korea can now launch attack against US interest and home, and China waits for the rest of the islamic and muslim population in their west and will launch allout attack against free world then.
Now we can rest assured that our extinction will happen by the continuous burning of fossil fuels, not by the lack of it!
Lisias@Earth.SolarSystem.OrionArm.MilkyWay.Local.Virgo.Universe.org
The only reason the world tolerates the Middle East crazies is cuz of the oil.
The Russians are also proving they can be crazy as well.
At least Vladimir is able to pull off an impressive badass public image. Might even think he's Putin on a Ritz.
This space unintentionally left blank.
Don't bother dude there is no point trying to explain to idiots that they're idiots. Because all you get is idiotic responses for their idiocy.
https://www.youtube.com/watch?...
The only reason the world tolerates the Middle East crazies is cuz of the oil.
The Russians are also proving they can be crazy as well.
Oil production seems to do that to countries. Did I mention the US Is the second largest producer of oil in the world.
http://en.wikipedia.org/wiki/L...
---Saying gnome 3 is better than windows 8 not so much a compliment as it is damning with light praise.
Let's take the most common personal lubricant, Astroglide.
Uh, the "most common" (biggest market share, by a lot) would be K-Y. Nice try.
This is a hacked account, for which the owner can not be held responsible.
Last time it was your boy-wonder, who lifted the sanctions against Russia [nytimes.com]...
Yeah.... but sanctions really only send a message in the moment you apply them... After that they're just blocking economic growth in both countries.
So slowing removing them when nobody is looking is smart move... Then you can reapply them, if it should ever come to that.
As long as Putin is around, it's probably not the last time.
Also it doesn't make sense to carry a grudge forever... Sometimes it's better to just move along.
But right now, Cuba, Iran and North Korea doesn't really care much about what the US says.... because sort of armed conflict (in violation of the UN charter) the US can't really impose further sanctions. Cuba is pretty much the US holding an old grudge, lifting those sanctions ought to be a no-brainer... As for Iran and North Korea who both does have nuclear programs, there are pros/cons to maintaining and lifting sanctions. Maintaining them on North Korea, keeps the country crushed. Whereas Iran has oil that we'll buy either way, so maybe lifting sanctions on Iran would be worthwhile. Just maybe.
another 100 years of oil to go !!
I don't get it, though I only watched the first few seconds.
It's just a bunch of selfish people who don't give a shit about morals.
What's the inherent idiocy here?
Just what we need, enough oil to cause a extinction event when we burn it.
Yeah. You know it's almost as if the Russians didn't get a copy of the memo that says we are only permitted to use about 1/3 of the current known reserves.
You know, the memo that notes that if we don't leave the other 2/3 in the ground, we are COMPLETELY SCREWING OURSELVES and our little dogs too, on the climate front.
You know, sooner or later, our current "leaders" are going to be held liable for this criminally insane path they are steering us down with a greed-twisted grin on their faces. I can only hope it is sooner.
Where are we going and why are we in a handbasket?
there isnt much of a used electric market out there right now.
You know, I was thinking about this lately, and tbh, I don't think there will ever be a used market for electric cars. Not with current technology at least.
A used IC car can generally keep running with standard maintenance for about 20-30 years. Engines are ruggedly simple. especially the old ones, and while the total HP may go down with time (unless the engine is rebuilt, which isn't too expensive in my experience). The range will stay more or less the same. Essentially engines are not consumable, the fuel is.
Not so with the electric cars. In a nutshell, an electric car is nothing more than some motors, attached to a battery pack via some electronics. The battery pack is essentially a consumable item, and makes up the bulk of the cost of the car.
While the motors should last as long as the engine, and the electronics can be replaced with second-hand working ones, chances are the original battery won't hold much charge 5-10 years down the line, and while when new, the manufacturer can do things like offer battery swaps as a part of the warranty, that rarely applies to second hand cars.
Buying a second hand electric car that needs 70% of its original value spent on a new battery makes no sense economically. The car would only be only 30% cheaper than new, but with worn out interior, body, etc...
I suspect that cars will become luxury items in the future. The rich will own cars, be it new electrics or classic IC exotics. Everyone else will not have a car at all, and will rent one by the hour when needed.
Funny how Libya under Ghadaffi got a get out of jail free card but Iran didn't. It seemed a bit backwards, especially since even Reagan did deals with Iran.
Swimmers? Dolphins?
Oh, crude OIL. Apparently, writing the word "oil" was too much effort for the summary writer... cretin.
OK, that's it. Wind the Regime Change dial up to 11. We can't have Godless Commies (TM) stealing our God-given Oil.
Will we have enough oxygen to burn it enough electricity to power all those A/C units in a couple of years time...
It's easy to make a term mean anything when personal definitions apply and you've listed a few who do that - but I addressed all that in the post you replied to.
We barely knew ya.
"...Also it doesn't make sense to carry a grudge forever... "
Although the masters of the universe in Washington, with their short attention spans, will perhaps whimsically decide to raise their sanctions when they decide that Russia has been "punished" enough, Russia will not reciprocate. That's because its sanctions were not imposed out of a sense of grudge or malice, or to "punish" anyone, but in the long-term interests of Russia. The USA and EU have demonstrated that they cannot be trusted, and no matter what they do or say in future that will not change. A liar and a cheat remains a liar and a cheat regardless of how many promises and fair words he utters.
Consequently Russia will obtain most of its food imports from South America, Africa and Asia; manufacture far more of its own machinery and electronics; sell its oil and gas within Asia; and deal, as far as possible, in roubles, yuan, and other currencies other than the dollar and sterling. Not because its leaders are in a towering snit, but because they are calm and rational.
I am sure that there are many other solipsists out there.
Actually any "get out of jail free card" had a very short lifespan. Look at Libya now - and look at Qadafi.
In fact Libya suffered severely when the USA decided to court Iran when it was building up a coalition against Iraq. It seems very likely that the Lockerbie bombing was an act of revenge for the shooting down of Iran Air Flight 655 by the USS Vincennes just a few months before. US intelligence agencies immediately blamed Iran for Lockerbie - until the administration decided that it wanted to cozy up to Iran, when Libya was abruptly switched into the "guilty" seat.
I am sure that there are many other solipsists out there.
Rosneft makes ExxonMobil look like a mom and pop heating oil delivery service.
when the US petrodollar is completely decoupled from oil it loses about 5/6ths of its value intrinsically. The subsequent run on the currency could be an order of magnitude higher. Putin knows this and so do the Chinese but don't look to the Chinese to suddenly weeken its largest single purchasing market. The IMF will likely try to float SDRs to replace FRNs as the world currency but Russia and China stand to gain little by supporting it. Don't keep your long term wealth in current financial instruments.
My God, it's Full of Source!
OUTSIDE_IP=$(dig +short my.ip @outsideip.net)
It was not "free". In order to "get out of jail", Qaddafi had to acknowledge Libya being behind the Lockerbie bombing, and pay restitution to the victims' kin. That was, what was demanded of him and he complied (shortly after seeing Saddam Hussein being pulled from a hiding hole).
There was no other "beef" with him — unlike Iran, Libya did not seek nuclear weapons, nor was it providing anything better than "moral" support to any other terrorists.
That Obama — eager to show, that the sophisticated progressives can fight wars better, than the oil-thirsty KKKonservatives — chose to attack Mr. Ghadaffi anyway, was shameful treachery, which is bound to make any future "conversions" of foreign tyrants that much harder...
In Soviet Washington the swamp drains you.
There, there. "It is complicated"... GP was accusing RethugliKKKans of wanting to end sanctions against Russia in exchange for oil. You seem to be supporting such a maneuver.
Any sanctions imposed in retaliation for a certain deed — such as Russia's invasion into Afghanistan, Georgia or Ukraine — must last until the deed is reversed.
Lifting the punishment prematurely — as Obama did in 2010 — simply sends the aggressor the following signal: outlast the current American Administration and you can keep, whatever you gained. Had Obama kept (and ratcheted up) the pressure on Russia instead of lifting the sanctions, imposing new ones over Russian attack on Ukraine might even have been necessary — for no such attack would've taken place...
In Soviet Washington the swamp drains you.
The Kara sea is where the Soviets dumped their melted down naval Nuclear Reactors. 5 of which still had spent fuel rods. http://en.wikipedia.org/wiki/Kara_Sea
Just what we need some radioactive oil?
Great! This should certainly cause gasoline prices to plummet!
You say this as if it is a bad thing. I think it would be an excellent thing, and I work in the oil industry.
Birds are not dinosaur descendants;birds are dinosaurs, for all useful meanings of "birds", "are" and "dinosaurs"
A question for you and everyone who thinks that CO2 controls the climate. How long with rising CO2 and flat or falling temperatures before you admit your theory is wrong? 20 years? 30? Never?
All 5 of the major datasets (RSS, UAH, HadCRUT4, GISS, NCDC) show no warming for between 14 and almost 18 years. In that time CO2 has risen 8-10%.
Here are 2 predictions. First I predict that CO2 will continue to increase because China and other countries don't care about CO2. They don't even care about real pollutants much less CO2. Second I predict it will get colder over the next 20-30 years. Why?
Dr Libby in the 1970s said that "looking forward it will stay cold until the mid 80s (it did), then it will warm by about 1/4 degree F until the end of the century (it did), then it gets cold". When asked how cold she was predicting a 1-2 degree F drop with an outside chance of a 3-4 degree drop. Pray it is the former.
Dr Easterbrook in 2001 said the PDO was done it's positive warm cycle and that we were in for 25-30 years of cold weather. How cold? We have his good, bad and ugly predictions based on previous negative cold phases of the PDO. Pray it is the first one.
Dr Abdusamatov in 2006 said we are at the top of the temperature sine wave and it will be 200 years of cold weather. Pray he is wrong.
Why do I join with them and side with their predictions? While past performance is not a guarantee of future correctness it is a lot better record than the IPCC and their dozens of models of which none have been accurate. They are all based on CO2 controlling the climate and the other 3 are all cyclical natural cycles. I'll go with those who have a good track record at predicting future climate. Dr Libby is the most impressive as her prediction is 30+ years going and still accurate.
Poor people are always screwed regardless. Helping poor people is therefore not a valid excuse for fucking up the planet more by delaying the spread of alternative fuels.
(Oh, by the way: my alternative fuel vehicle is 16 years old and would cost about $3,000 to buy today. It runs on something called BIODIESEL. Alleged unaffordability of alternative fuel vehicles isn't even a real thing anyway!)
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
it is a bad thing. and if you dont think its a bad thing, im sure there are plenty of places you can live where you dont need a car. For the rest of us, stay there.
have you seen my sig? there are many others like it but none that are the same
The U.S. will not let the Russians develop this field until Putin agrees that all oil sales will be conducted in U.S. dollars, allowing the U.S. to continue to print worthless money to spend on oil and purchase goods at a discount from countries needing U.S. dollars to buy oil. Who's your daddy.
no one said anything about delaying the spread of fuels. Its about using the resources we have until they compete, rather than artificially increasing the costs to encourage people to buy them now.
I know all about biodiesel, Ive made my own in the past. its not viable no matter how much I wanted it to be and I wasted a ton of money trying to make it so. I still love the concept, but it still isnt a replacement
have you seen my sig? there are many others like it but none that are the same
To use dino-diesel, I go to a filling station, pull up to the pump, authorize payment with my credit card, pump, and drive off again.
To use biodiesel, I go to a [different] filling station, pull up to the pump, authorize payment with my credit card, pump, and drive off again.
It seems pretty damn viable to me!
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
All 5 of the major datasets (RSS, UAH, HadCRUT4, GISS, NCDC) show no warming for between 14 and almost 18 years.
UAH shows .112 deg/decade warming over 14 years. I didn't check any of your other claims. Yes, 2008 was a unusually cold year and for six years now, deniers have been abusing that one data point. You can make your own plots here. If you plot longer times you can see the variability that makes these claims that global warming has stopped obviously based on noise.
for most companies its not viable as a - most cars dont currently run on biodiesel B - the cost of biodiesel, at least in my area is more than the cost of regular diesel and C - the infrastructure is not there for people willing to invest in it. As I said, I would LOVE to run on bio, or a tesla truthfully, they are beautiful, but realistically, ill be driving an ICE for many years and we should never go out of our way to artificially raise costs on fuel, which only hurts the poor.
have you seen my sig? there are many others like it but none that are the same
Any sanctions imposed in retaliation for a certain deed — such as Russia's invasion into Afghanistan, Georgia or Ukraine — must last until the deed is reversed.
That is certainly a valid argument... One that needs to be taken in to consideration, that said, if you don't let go (at some point), we end in a situation like we have with Iran where we can't impose further sanctions. Other matter to consider is that the best way to further democracy in Russia, is not to isolate Russia further. That'll just make it easier or Putin to control the media, etc.
I'm not saying we should lift sanctions against Russia anytime soon. In fact I favor threat of stronger sanctions. That said, why exactly does the US (as the only western country) still have trade sanctions against Cuba? Is that anything but old grudge. My point is let's not create more of those situations.
By the way, with respect to the Georgia conflict, if I remember correct the US was the only country to impose sanctions. EU talked about, but as I recall it never did anything, but talk... You can take that as a sign of EU weakness or a sign of lacking support for war-crazy Bush (as some Europeans probably do). With my country having followed Bush/US into Iraq on a lie, I don't trust want my politicians to trust the US or US intelligence.
Only if you don't count Semtex supply as support for terrorist groups including the IRA.
You'll note that it doesn't stop me from having access to the internet. You might also note that I don't live in New York, another place where a car is more of a hindrance than a help. (Same for pretty much any city founded before 1900, and most cities founded afterwards.)
Birds are not dinosaur descendants;birds are dinosaurs, for all useful meanings of "birds", "are" and "dinosaurs"