<< Chapter < Page Chapter >> Page >

But as shown in Figure 15-1 , world oil production began rising again thereafter, from 65 million bbls/d to 90 million in 2013. The pessimistic forecasts for energy production did not materialize for two main reasons. First, the forecasts did not take into account the potential effects of higher oil prices or incentives to explore and develop new deposits. But world oil prices did rise sharply from less than $3 barrel in 1973 to over $100 in 2013. Second the forecasts ignored advances in technology in oil and gas exploration, and development. Chief among these innovations were (a) advances in seismic imaging, which vastly improved ability of oil companies to locate deposits, especially very deep ones (b) horizontal drilling, which made possible the introduction of “steerable” drilling systems in 1984 thereby increasing recovery of oil from any given deposit, and (c) the combining of hydraulic fracturing (first introduced in the sixties) with directional drilling. These technological innovations are discussed in detail in subsequent sections of this Chapter.

As a result of technological innovation in the 20th century the first two decades of the 21st century have featured very significant changes in resource availability and technology in the industry; most of these changes have been were unforeseen.

The most important unforeseen change has been the emergence of an abundance of natural gas, and to an extent, oil from deep shale formations, especially in the U.S. Other nations, including Colombia, Argentina, China and Russia also have ample but yet unexploited shale deposits, as we shall see. Note that the presence of abundant endowments of oil and gas in shale is no guarantee that they will all be exploited. Chinese shale reserves are located in isolated areas of the country, and the Chinese lack sufficient available water to capitalize on the endowments. Russia and China lack the technological expertise to do so. Activity in Argentina’s shale regions have been delayed for years by political issues. Finally, institutions will hinder or delay exploration of oil shale in China, Russia, Europe, Africa and Latin America. Institutions governing property rights to subsurface hydrocarbons are favorable to exploration and development in the U.S. because the rights to oil on private lands reside in private hands, and are clear and easily transferable . This is not the case in most of the rest of the world.

Consider for example the Chinese dilemma on property rights in hydrocarbons mineral rights in China (as well as most Asian and African nations and some European nations) belong not to private landowners, but to the State: This stands in sharp contrast to the U.S., where rights to minerals (including huydrocarbons) are, except on government-owned lands, vested in private hands. Private ownership of these rights is conducive to fracking in the U.S. But public ownership of these rights in China has created excessive regulatory confusion and conflict between regulatory bodies.

Questions & Answers

Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
characteristics of micro business
for teaching engĺish at school how nano technology help us
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
what is the actual application of fullerenes nowadays?
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
is Bucky paper clear?
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Do you know which machine is used to that process?
how to fabricate graphene ink ?
for screen printed electrodes ?
What is lattice structure?
s. Reply
of graphene you mean?
or in general
in general
Graphene has a hexagonal structure
On having this app for quite a bit time, Haven't realised there's a chat room in it.
what is biological synthesis of nanoparticles
Sanket Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
Privacy Information Security Software Version 1.1a
Got questions? Join the online conversation and get instant answers!
Jobilize.com Reply

Get the best Algebra and trigonometry course in your pocket!

Source:  OpenStax, Economic development for the 21st century. OpenStax CNX. Jun 05, 2015 Download for free at http://legacy.cnx.org/content/col11747/1.12
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Economic development for the 21st century' conversation and receive update notifications?