A Quote by Harold Hamm
I'm a professional geologist, an explorationist for oil. That's what I've done in my career, one that's culminated in - at least to this point - playing a part in finding the largest field in the last 40 years anywhere in the world. That's the Bakken field, which I believe will yield 24 billion barrels of oil in the decades to come, maybe more.
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The U.S. only has 20 billion barrels of oil in reserve. It seems as though there is no more oil around. Venezuela has 300 billion barrels of oil in reserves. Iraq has, like, 150 billion barrels of oil. Iran, close to 300 billion barrels of reserve. Oil for 200 years, of course.
For centuries, native Eskimos cut blocks of oil-soaked tundra from natural seeps to use as fuel. In the 1920s, explorers arrived and began poking holes. In 1968, they discovered Prudhoe Bay State No. 1, the largest oil field in North America and one of the largest in the world, and a year later the adjacent Kuparuk field, the second-largest.
Oil wells never really run dry. A big company will drain maybe 40% of a field. Pulling out the rest of the oil, which requires an outlay of incrementally more cash per barrel, often proves uneconomical for big companies with big overheads.
Since 2006, we have surpassed Alaska, Oklahoma, Louisiana, and California in oil production to become the second largest oil-producing state in the nation, trailing only Texas. In 2012, North Dakota produced more than 245 million barrels of oil and provided nearly 11 percent of all U.S. output.
I will do my best to reduce the price of oil to expand the life span of oil at least for two decades or three decades.
The oil areas have a big problem digesting the oil. There's too much money, and the people don't know what to do with it. I'm finding all the time that we have more industries and more success stories which are not involved with oil.
All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.
The world has produced about 1 trillion barrels of oil since the start of the industry in the nineteenth century. Currently, it is thought that there are at least 5 trillion barrels of petroleum resources, of which 1.4 trillion is sufficiently developed and technically and economically accessible.
Research is industrial prospecting. The oil prospectors use every scientific means to find new paying wells. Oil is found by each one of a number of methods. My own group of men are prospecting in a different field, using every possible scientific means. We believe there are still things left to be discovered. We have only stumbled upon a few barrels of physical laws from the great pool of knowledge. Some day we are going to hit a gusher.
I can at once refute the statement that the people of the West object to conservation of oil resources. They know that there is a limit to oil supplies and that the time will come when they and the Nation will need this oil much more than it is needed now. There are no half measures in conservation of oil.
The new discovery of a 3.3 billion barrel oil deposit off Norway's coast cements that nation's claim to being Europe's second largest oil producer.
We all say data is the next white oil. [Owning the oil field is not as important as owning the refinery because what will make the big money is in refining the oil. Same goes with data, and making sure you extract the real value out of the data.]
There are billions of barrels of oil in the Outer Continental Shelf. There is even more in Alaska. There is enough oil shale in the Rocky Mountain West alone to power America for the next hundred years. The Democrats say all this American energy is off limits.
Colorado's collective shale deposits contain somewhere in the neighborhood of 1 trillion barrels of oil. That's almost as much as the entire world's proven oil reserves!
About 75% of the price of gas is really dictated by crude oil. At the heart of the issue is increasing demand over a period of many years around the world. World crude oil consumption now is close to 90 million barrels a day. Most of the growth in demand is coming from China and the developing world.
There are some geologists involved with prospecting for oil and other hidden resources who can pick up a rock and say, 'Yes, there's oil under there.' A geologist who has been studying those kinds of rocks for 10 or 20 years is able to make that pronouncement.
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