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| The Pub For General Automotive Related Talk |
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28-09-2015, 07:12 PM
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bitch lasagne
Join Date: Aug 2012
Location: Sonova Beach
Posts: 15,110
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...after not finding enough oil and spending $7 billion in the process:
http://www.bloomberg.com/news/articl...ulations-costs How the hell does such a massive organisation like Shell be not able to determine that a field is a dud well before $7 billion has been spent??? |
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28-09-2015, 07:43 PM
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FF.Com.Au Hardcore
Join Date: Feb 2010
Location: Geelong
Posts: 1,730
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Sounds like a lot, but what % is that of their total revenue?. Probably a drop in the ocean.
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28-09-2015, 07:53 PM
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bitch lasagne
Join Date: Aug 2012
Location: Sonova Beach
Posts: 15,110
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Roughly 1.6% of their 2014 revenues of $421 billion.
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28-09-2015, 09:49 PM
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FF.Com.Au Hardcore
Join Date: Apr 2005
Posts: 837
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well in oil and gas you spend at least 1 million just to drill a hole....
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28-09-2015, 09:54 PM
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bitch lasagne
Join Date: Aug 2012
Location: Sonova Beach
Posts: 15,110
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So 7,000 holes later they find the sum total of five eights of eff all?
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28-09-2015, 10:17 PM
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#6 | ||
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Regular Member
Join Date: Apr 2015
Posts: 146
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What a surprise, the North Pole was not the favoured habitat of dinosaurs.
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28-09-2015, 11:09 PM
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FF.Com.Au Hardcore
Join Date: Dec 2012
Location: Adelaide
Posts: 2,252
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But dinosaurs make up such a tiny amount of the oil we do have!
So its probably not that! Too costly and the public aren't happy enough to warrant the further exploration or extraction JP |
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28-09-2015, 11:18 PM
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FF.Com.Au Hardcore
Join Date: Apr 2013
Posts: 3,318
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Damn those termites!
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29-09-2015, 11:03 AM
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Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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Quote:
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29-09-2015, 11:24 AM
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#11 | ||
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FF.Com.Au Hardcore
Join Date: Aug 2013
Location: ACT
Posts: 968
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Having worked for Western Geophysical in the Phillipines I can tell you oil exploration is a black art. You have to risk a lot to maybe make a lot.
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29-09-2015, 11:44 AM
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#12 | |||
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IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Quote:
__________________
Daniel |
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29-09-2015, 12:02 PM
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#13 | ||
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FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,083
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Money well spent. Fossil fuels serve one very often overlooked purpose. They bring carbon out of the ground for us to use, as fuel, as plastic, for chemical manufacture, etc. The reality is that if we didn't have fossil fuels to provide this, we would be doing it to the trees instead. The downside right now is the CO2 it produces, but one day, the tech will exist to harvest atmospheric CO2 and recycle it.
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29-09-2015, 12:11 PM
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FF.Com.Au Hardcore
Join Date: Apr 2011
Location: VIC
Posts: 788
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Quote:
__________________
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29-09-2015, 12:27 PM
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#15 | ||
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FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,083
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Most people only equate oil with energy production. They don't realise how much of the chemicals we take for granted are made using oil ... shampoo, pesticides, food additives, drugs... even if we could supply our energy needs with renewables, we'd still need oil for the foreseeable future.
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29-09-2015, 07:59 PM
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#16 | ||
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Banned
Join Date: Jan 2015
Posts: 78
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Company I work for supply oil and gas companies.
My bet is they have found heaps of oil, once the price of oil goes up and it will. They will be drilling again. |
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Shell halts further oil exploration in the Arctic...
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