Tuesday evening,nothing to do,
listening to Coldplay ,helping me elude from this humdrum world. While surfing came across a nice site that has developed an app which turns your ordinary mouse movements into modern art!
it's address is
http://iographica.com/ do visit.I got some nice graphics.
Now ,coming to World of Petroleum..
let me begin with the name of my blog.
Stochastic World of Petroleum.
Stochastic means random.I named it that because in "our" world (
I'm saying "our" because slowly and slowly this oil and gas knowledge is drowning me into its mysterious depths and now I'm also becoming a part of it just like my other college mates )
Coming back so ..in our world nothing is sure ..nothing is certain.By nothing I mean everything.It includes uncertainty of finding prospective areas having oil accumulation,how much depth are we going to drill,how much oil are we going to produce,how much money are we going to make,will revenue collected will be enough to generate profits.So in other sense ..If you ask me whether
Petroleum Engineering and Gambling are the same thing??
I would say definitely YES(but in a legal way).
Huge amount of money is invested in the whole process of extracting oil from rocks,transporting it through
pipelines,refining it and bringing it to petrol pump near you.The immense dependability of world's functionality
on oil products make people spend more and more in this sector.The greed for money(just like gambling)
drives them nuts.It is said if crude oil prices in the international markets shoot up to $150/barrel , oil companies are willing to drill in the Himalayas.Indeed my and my fellow mates jobs and pay packages are largely dependent on crude oil prices.High prices generates more jobs and fat pays. Thats why I put that gadget on my home screen that shows daily oil prices.
Often my friends ask me about future of my career.
Their argument is " Oil and Gas is for sure going to end one day.What are you going to do then?"
So i thought why not google this topic and i got some satisfying results like "
Changes in consumer patterns and emergence of new technologies driven by increases in the price of oil will prevent the oil supply from ever running out".
Like there was Stone age,Bronze age,Iron age currently we can say this is "Oil age".
Now,Stone age didn't end because there was scarcity of stones on earth,but man evolved new methods by using metals to assist him in his day-to-day work .Similarly ,i think we will never run out of oil but new methods are going to substitute it.
But definitely one question often hovers over my mind.
So how much oil is left ? and more importantly is there enough for everyone.
Many theories have been given ,most famous being of Hubbert,
who predicted that U.S. oil production would be at its peak in 1970,which ultimately turned out to be accurate.His prediction on world's peak oil production is around the corner or may be we are just going through it.(
By peak oil ,i mean that point onwards where we can't pump more from a well to keep up with the demands and from then on oil production is going to decrease year after year.So after reaching peak oil for world ,we would have used up almost half of the world’s oil. When we reach the half-way point on a bell curve, we embark upon the decline.)
What are my thoughts about it ...i don't know.Due to uncertainty in truthfulness about data of OPEC reserves ,it is difficult to say anything.Many geologists have predictions regarding world peak oil period ranging from 2005-2015.Many have a feeling it's upon us now.
Also China's booming economy is making it worse.China's oil consumption is increasing 11% per yr.
Their thirst of oil due to their growing interest in automobiles is making the scenario worse.Chinese consumers are buying 8 million cars annually.They are World's 2nd oil user after US.
So,bringing down this discussion to a conclusion..i derived three things
- Oil is not an infinite resource.
- Remaining supplies of oil should be used wisely.
- Alternative sources of energy need to be brought on line soon
considering the alternative sources biofuels have caused some relief.But specialists say vast production of bio fuels raises food prices and other side effects.Think of these issues the next time you refill your tank or the next time you buy a car.
Enough of it for now ,would like it to end it with a Saudi saying :-
"My father rode a camel.
I drive a car.
My son flies a jet airplane.
His son will ride a camel.”
well ..time to say goodbye for now.it's time for dinner ..
Signing off..
Sid..
