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Long term oil and natural gas supply modeling has been (and continues to be) challenging, requiring that we address a series of questions and observations: 1. Why have we not yet “run out of oil and gas”? Why is the recoverable resource base larger today than 20 years ago? 2. Why is the cost of oil and natural gas about the same (in real terms)as 20 years ago? 3. With most of the world’s “giant fields” already discovered and .
The Subcommittee today meets to explore the basis for the regional oil and gas assessment approaches. The Secretary of the Interior, in consultation with the Secretaries of Agriculture and Energy, is completing an assessment of the oil and gas resource base on the Lower-48 Federal lands, together with an inventory of restrictions .
O il & gas are the remains of creatures and plants that died millions of years ago. Having drifted to the floors of ancient seas and lakes, this organic matter was joined by deposited layers of sand and mud and buried beneath even more sediment gradually laid down by prehistoric seas and rivers. The result is a sedimentary basin. Under the weight of these accumulating sedimentary layers, the pressure and heat (both growing towards the centre of the earth) increased .
Of the various options for storing CO 2 underground, the use of depleted oil and gas fields has a number of attractions. In particular, these fields are known to have held gases and liquids for millions of years, their geology is known and there is substantial capacity available. Indeed, thousands of oil and gas fields are approaching the end of their economic lives. Such depleted fields provide the opportunity