The Hubbert Peak Oil Production Theory
M.K. Hubbert, a geophysicist, created this method of estimating an oil reserve's oil production capacity. The fundamental aspect of peak oil is that there is a finite amount of oil in the ground. In other words, he stated that the world's supply of crude oil is exhaustible. Oil companies continue to use the concept of Peak Oil, although this theory was not met with immediate approval from Hubbert's peers. Apparently it has proven remarkably accurate in predicting production rates, the time an oil reserve will last, and what the peak production rate will be.
The Peak Oil curve has a given equation and parameters. When the curve is applied to several production parameters, the production and lifetime of the oil field can be estimated. The total length of time that the oil field will be viable can be predicted. The production rates can also be estimated. The equation provides a guess at the maximum oil production possible from an area. Finally, the area under the curve is a calculation of the total barrels of oil available from an oil site. These predictions are more accurate when more oil drilling information is available.
The Peak Oil concept is unusual in that it not only applies to a given geological location. It applies to the entire world's oil reserves! For example, Hubbert predicted in the mid 1950s that U.S. oil production would peak between 1965 and 1970. The oil industry currently marks the U.S. peak at 1970. He predicted a worldwide oil peak about 50 years after his mid-1950s paper was published. By his estimate, the world will reach its oil production peak between 2000 and 2010.
Crude oil reservoirs can be classified as "easy" or "hard." These terms refer to the degree of difficulty in reaching and extracting the oil. Easy oil means those oil reserves that are not far below the ground and can be reached without difficult drilling. The easy oil fields would be those drilled on the part of the curve that shows rapidly increasing production. As the easy oil fields dry up, hard oil must be found and drilled. Hard oil fields are those which require very difficult drilling in dangerous locations.
The Hubbert Theory is a relatively simple concept that has been surprisingly accurate in prediction the amount of oil produced from a given area. By Hubbert's estimation, the world's peak oil production is about to be reached, and only hard oil will be available after that.
Related Tags: peak oil production
Mayoor Patel is the writer for the website http://oil-production.oil-universe.com/. Please visit for information on all things concerned with Peak Oil Production
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Consumers- Discovering Alternative Fuels In The Midst of High Gasoline Prices
In light of the much debated topic on rising gasoline and energy costs, some experts say new investm - Carbon Tax Versus Cap-and-Trade Approaches to Global Warming - Part 2
As you may recall from Part 1 of this article, in the cap-and-trade system many companies might get - Carbon Tax Versus Cap-and-Trade Approaches to Global Warming - Part 1
After making a strong case for Europe to adopt the cap-and-trade strategy back in 1997, the United S - Why Managing Our Crude Oil Supply Matters
Our modern world requires a lot of petroleum products to function. From cars to planes to massive tr - Steam and Water Properties Formulation History
Steam and water properties play pivotal roles in the design and performance of steam boilers, steam - Alternative Home Energy
Hydrogen fuel cells, biomass gases, solar collectors, solar hot water systems, heat storage vaults, - Solar Energy is Green Energy
Solar energy is the earliest source of energy known to mankind, and is also the origin of other form - Harnessing Power from Water Energy
Water is one of the most common chemical compounds on earth, and the oceans provide 75% of the surfa - What's Actually In Biodiesel?
Rising prices of energy fuels have prompted companies and individuals to search for low-cost sources - EIA Summer Outlook - Good for Natural Gas Stocks?
The surprise Northeaster blowing across the eastern United States may have confirmed the final botto
Most viewed articles in this category:
- Alternative Fuel: Fast Food Takes on a Whole New Meaning
The United States Department of Agriculture (USDA) dropped a bomb in early 2007 that may have a prof - Ocean Waves, Hydro Power Innate to Human Thought; Why?
Some things seem to come naturally to humans, things such as the power of water. Perhaps this is som - The Power Within (Fission & Fusion)
My father drove up to our house back in 1968 in a brand new Volkswagen "Bug". I was only 11 years ol - Nuclear Power for Australia?
Australia has one of the worlds largest supplies of Uranium. It is therefore ironic that Australia - Archimedes Screw, Ocean Waves and Fieldstone Energy
Humankind appears to be up against either a political rock or a Climate Crisis hard place or both. Y - A Glimpse into the World of Sealed Lead Batteries
Through the years there has been an increase in the use of portable electronic and an electric devic - The Solar Energy Breakthrough Everyone Missed
When it comes to breaking our oil addiction, solar energy is often sited as a perfect renewable ener - Fast Facts on Biodiesel
In a world where people rely heavily on diesel-powered engines to perform many functions for both ag - Mideast Oil, Soon We Won't Need It, Then Who Will They Kick Around?
GM and all the auto makers are pushing hybrids to the front burner. Save fuel. They don't need to sa - The Advantages of Wind Energy
Wind power is one the oldest and most basic types of energy. It's been used since the first windmill