Not Logged In Log In   Sign Up   Points Leaders
Follow Us    7:25 PM

GasBuddy News Article

48
votes
Colombia with enough oil for eight years at current rate of consumption

Merco Press -- “We have oil for 8.1 years and we know that's not much time to sustain a pace of 1 million barrels per day. That's why we need to find reserves quickly,” Cardenas told RCN Radio.

The Finance minister said, however, that Ecopetrol posted strong results last year.

“Ecopetrol's results last year were very good in the view of any analyst, but a company like that always has very significant challenges and one of them is increasing reserves, which is perhaps the thorniest one,” adding that “to increase reserves you have to explore and to explore you have to invest”.

Regarding the prospect of new oil finds, Cardenas said no new possibilities as big as Cano Limon or Cusiana, located in the eastern provinces of Arauca and Casanare, respectively, have emerged.

”Finding fields like those is very


Read the Full Article

Submitted Feb 22, 2013 By: EZExit
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Colombia with enough oil for eight years at current rate of consumption Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
honda0105
Champion Author Tallahassee

Posts:23,188
Points:2,263,215
Joined:Nov 2008
Message Posted: Feb 27, 2013 5:51:32 AM

NHLF: well, we know some believe the earth is all of 6,000 years old too...
Profile Pic
honda0105
Champion Author Tallahassee

Posts:23,188
Points:2,263,215
Joined:Nov 2008
Message Posted: Feb 26, 2013 12:00:59 AM

booo-hooooo!
Profile Pic
NHLiveFree
Champion Author New Hampshire

Posts:14,299
Points:2,258,605
Joined:Jun 2008
Message Posted: Feb 22, 2013 11:53:38 PM


Just make up some numbers for "reserves" like the API and most countries around the world do now!

There is no limitless supply of crude as some here may believe. You know the oil men, employees, speculators, and shills.
Profile Pic
bston
Champion Author Oklahoma City

Posts:4,524
Points:1,293,590
Joined:Mar 2011
Message Posted: Feb 22, 2013 11:48:38 PM

Must be nice.
Profile Pic
N4PIP
Champion Author Miami

Posts:2,800
Points:1,045,825
Joined:Jan 2012
Message Posted: Feb 22, 2013 4:29:45 PM

It sounds Colombia suffers from narrow-minded leaders. Time to consider energy alternatives.
Profile Pic
MadFueler
Champion Author Winston-Salem

Posts:3,997
Points:826,020
Joined:Sep 2012
Message Posted: Feb 22, 2013 1:23:21 PM

Sounds like we should be helping them explore for more, instead of supporting their neighbor to the east.
Profile Pic
mastermariner
Champion Author Texas

Posts:12,839
Points:1,123,345
Joined:Jun 2011
Message Posted: Feb 22, 2013 10:49:58 AM

Bound to happen eventually
Profile Pic
AVKZ
Champion Author Kalamazoo

Posts:1,951
Points:858,600
Joined:Apr 2012
Message Posted: Feb 22, 2013 10:25:09 AM

Not long at all.
Profile Pic
orphancarguyPE
Champion Author PEI

Posts:6,432
Points:1,356,435
Joined:Jan 2011
Message Posted: Feb 22, 2013 9:01:22 AM

But what if no oil IS found, what then? That means that they only have 8.1 years from right now until everything stops in its tracks. Everything. This is the problem with oil; no-one anywhere in the world is finding oil in the quantities needed to sustain even current usage, let along push back the 'run out' dates. We are drawing down oil already discovered twice as fast as reserves are being added to...and the oil we are using is generally low cost oil with high ERoEI, although declining steadily, and the new oil is all high cost (low ERoEI).

70 some years after Saudi Arabia found all its oil, concentrated in several super giant 'elephant' fields, only one relatively large discovery has been found, and its only relatively large (not like the existing giants) and it is in a difficult area, and that was back in the 1970s. The Saudis have been exploring non-stop for 70 some years...it seems like that is it, except for little bits here and there.

If there was any cheap oil left, we wouldn't be diddling about with oil shales, and shale oil.

For anyone the slightest curious about how we are going to deal with declining ERoEI and how we are going to transition/change how we use what we have and can afford in the next ?few? years between today and when it becomes a really big problem, then I suggest you go to Tom Murphy's excellent blog, and spend a few days reading up especially on some of the older entries like 'The Energy Matrix' Its not a 'given' and there is no:

a) increasing costs, declining energy
b) ????
c) SUCCESS!!

answers. http://physics.ucsd.edu/do-the-math/
Profile Pic
gcalleja
Champion Author Miami

Posts:3,064
Points:1,168,065
Joined:May 2011
Message Posted: Feb 22, 2013 8:01:54 AM

They'll find oil. This is PR to justify high prices.
Profile Pic
oas
Champion Author Maryland

Posts:6,988
Points:2,792,090
Joined:Feb 2005
Message Posted: Feb 22, 2013 7:33:03 AM

Those 8 years will pass quickly.
Profile Pic
Eagle3236
Champion Author Missouri

Posts:3,843
Points:849,675
Joined:Oct 2012
Message Posted: Feb 22, 2013 6:56:55 AM

Hope they are building good relationships with other South American countries!
Profile Pic
vwilsonskis
Champion Author New Jersey

Posts:3,398
Points:880,615
Joined:May 2011
Message Posted: Feb 22, 2013 6:55:54 AM

ask the north
Profile Pic
rick_evans
Champion Author Boston

Posts:6,608
Points:1,674,580
Joined:Aug 2005
Message Posted: Feb 22, 2013 6:48:23 AM

Maybe they can get oil from poppies.
Profile Pic
gougenator
Champion Author Dallas

Posts:33,662
Points:3,870,225
Joined:Aug 2003
Message Posted: Feb 22, 2013 6:47:50 AM

they might suck up our oil and we export it all to them ,,hmm
Profile Pic
prcoqui
Champion Author Maryland

Posts:5,615
Points:2,114,415
Joined:Dec 2006
Message Posted: Feb 22, 2013 6:30:23 AM

Clock is ticking.
Profile Pic
sawdust1825
Champion Author Illinois

Posts:3,555
Points:1,084,105
Joined:Sep 2011
Message Posted: Feb 22, 2013 6:24:42 AM

To bad for them...
Profile Pic
Jeffro61
Champion Author Cleveland

Posts:4,636
Points:2,856,945
Joined:Oct 2005
Message Posted: Feb 22, 2013 6:23:09 AM

Ok
Profile Pic
metrojeep
Champion Author Fort Worth

Posts:5,112
Points:1,088,070
Joined:Feb 2012
Message Posted: Feb 22, 2013 6:16:08 AM

And then what
Profile Pic
isem
Champion Author Missouri

Posts:4,689
Points:1,076,615
Joined:Feb 2012
Message Posted: Feb 22, 2013 6:15:47 AM

Bad news for Columbia...
Profile Pic
cwashi3324
Champion Author Cincinnati

Posts:3,509
Points:734,770
Joined:May 2009
Message Posted: Feb 22, 2013 6:15:36 AM

hey don't drive as many vehicles as the U.S.
Profile Pic
bikerWI
Champion Author Milwaukee

Posts:4,172
Points:1,528,315
Joined:Apr 2010
Message Posted: Feb 22, 2013 6:14:31 AM

They better start conserving.
Profile Pic
WonderfulMI
Champion Author Michigan

Posts:14,580
Points:2,439,995
Joined:Jun 2008
Message Posted: Feb 22, 2013 6:13:18 AM

Back in the 1880's there was an inexhaustible supply of White Pine in Michigan. In the 1890's it ran out. When I was in grade school, there was a 500 year supply of Copper in Michigan's Upper Peninsula. That ran out in the 1970's.

And then, there was the supply of oil from Alaska.

It is high time to switch to alternatives.
Profile Pic
yonasb
Champion Author Houston

Posts:3,463
Points:852,575
Joined:Apr 2011
Message Posted: Feb 22, 2013 6:12:54 AM

Eight years is short to find new reserve
Profile Pic
alanhan
All-Star Author Atlanta

Posts:700
Points:1,695,575
Joined:Aug 2008
Message Posted: Feb 22, 2013 6:12:52 AM

Send all speculators to Colombia.
Profile Pic
kirzon484
Champion Author Atlanta

Posts:4,527
Points:1,074,675
Joined:Jun 2011
Message Posted: Feb 22, 2013 6:12:41 AM

drill baby drill
Profile Pic
FocusST2
Champion Author North Carolina

Posts:10,602
Points:2,013,295
Joined:Jul 2009
Message Posted: Feb 22, 2013 6:10:46 AM

Bad for Colombia but oil's being found elsewhere.
Profile Pic
dave364
Champion Author Lansing

Posts:7,231
Points:2,046,850
Joined:Nov 2007
Message Posted: Feb 22, 2013 6:10:19 AM

hang all speculators
Profile Pic
rogerparry
Champion Author Florida

Posts:12,341
Points:2,566,655
Joined:Jan 2008
Message Posted: Feb 22, 2013 6:08:59 AM

Not good.
Profile Pic
Petrock
Champion Author Lexington

Posts:11,896
Points:3,211,110
Joined:Apr 2005
Message Posted: Feb 22, 2013 6:08:14 AM

Sounds like a great reason to raise oil prices TODAY. This is usually how it works!
Profile Pic
dar 1
Champion Author Michigan

Posts:8,568
Points:576,465
Joined:Jan 2005
Message Posted: Feb 22, 2013 6:06:53 AM

They better save there money so they can BUY oil...
Profile Pic
bassakwards007
Champion Author Orange County

Posts:3,829
Points:893,730
Joined:Aug 2012
Message Posted: Feb 22, 2013 6:05:27 AM

And then?
Profile Pic
Rick52
Champion Author Milwaukee

Posts:15,125
Points:1,842,390
Joined:Mar 2005
Message Posted: Feb 22, 2013 6:05:22 AM

They will find more..
Profile Pic
alphanyr
Champion Author Connecticut

Posts:10,895
Points:1,328,850
Joined:Apr 2011
Message Posted: Feb 22, 2013 6:02:50 AM

Ok
Profile Pic
raccoon2011
Champion Author Massachusetts

Posts:4,160
Points:999,865
Joined:Aug 2011
Message Posted: Feb 22, 2013 6:00:05 AM

do they export??
Profile Pic
MaxGasUp
Champion Author Maryland

Posts:2,056
Points:794,720
Joined:Sep 2012
Message Posted: Feb 22, 2013 5:59:55 AM

Who cares?
Profile Pic
chuckohio
Champion Author Columbus

Posts:3,838
Points:873,830
Joined:Aug 2012
Message Posted: Feb 22, 2013 5:58:26 AM

Eight years goes by very fast
Profile Pic
jackson661
Champion Author Columbus

Posts:5,207
Points:2,059,780
Joined:May 2006
Message Posted: Feb 22, 2013 5:58:10 AM

Just lik all things it will run out.
Profile Pic
WEB0153
Champion Author Maryland

Posts:3,328
Points:796,685
Joined:Dec 2012
Message Posted: Feb 22, 2013 5:58:04 AM

oK
Profile Pic
stratlinetime
Champion Author Kalamazoo

Posts:5,048
Points:1,216,795
Joined:Feb 2011
Message Posted: Feb 22, 2013 5:57:54 AM

Go green and stretch it out
Profile Pic
LeeFree
Champion Author Pittsburgh

Posts:11,868
Points:2,887,575
Joined:Jun 2005
Message Posted: Feb 22, 2013 5:57:03 AM

Then I would start saving for the rainy days ahead.
Profile Pic
daytonabiker
Champion Author Florida

Posts:2,844
Points:753,960
Joined:Oct 2012
Message Posted: Feb 22, 2013 5:55:04 AM

doesn't do me any good
Profile Pic
Zuman
Champion Author New York

Posts:8,861
Points:2,545,395
Joined:May 2005
Message Posted: Feb 22, 2013 5:54:55 AM

Well lets use it.
Profile Pic
ILVET
Champion Author Illinois

Posts:17,699
Points:3,575,995
Joined:Jan 2005
Message Posted: Feb 22, 2013 5:54:46 AM

Here we go with more aid money that we dont have
Profile Pic
mark1962
Champion Author Albany

Posts:8,429
Points:1,900,465
Joined:Sep 2009
Message Posted: Feb 22, 2013 5:53:25 AM

Not much!
Profile Pic
vamike
Champion Author Virginia

Posts:7,823
Points:1,993,830
Joined:Dec 2008
Message Posted: Feb 22, 2013 5:51:13 AM

If they say so.
Profile Pic
skippypa
Champion Author Hawaii

Posts:11,250
Points:2,394,280
Joined:Jun 2008
Message Posted: Feb 22, 2013 5:51:10 AM

What's next
Profile Pic
Beau2140
Champion Author New York

Posts:10,981
Points:2,295,260
Joined:Oct 2008
Message Posted: Feb 22, 2013 5:49:50 AM

Whatever.
Profile Pic
Alderaan
Champion Author Greenville

Posts:1,288
Points:389,845
Joined:Feb 2012
Message Posted: Feb 22, 2013 5:48:22 AM

okay.
Profile Pic
JCUBE
Champion Author Michigan

Posts:11,429
Points:2,556,595
Joined:Aug 2003
Message Posted: Feb 22, 2013 5:46:21 AM

So we've got 500 yrs. supply in the ground and it's constantly regenerating, but the politicians, greenies and bi bailed bank speculators don't want this known...it's been talked about enough now get it out of the ground and bring prices down.
Post a reply Back to Topics