The Potential for New Oil Sources

By Jasmine

1. Are there any known untapped oil fields?
• The current problem with oil actually isn't that we're running out of it, but we've depleted the sources that are easily collectable. There are at least 7 huge untapped oil fields, in North Dakota, Mexico, Venezuela, Brazil, Iraq, Kazakhstan (Caspian Sea), and Ghana.
2. If there are, how much oil is there and how long will it last?
• North Dakota's oil field is said to be huge, possibly yielding 24 billion barrels. Known as Bakken, it would be able to supply the United States with three years of energy, at the current rate of 20 million barrels per day. If this is true, Bakken would be the largest oil boom in recent U.S. history.
• Mexico's Chicontepec Basin is said to house around 10 billion barrels, but it is untapped because of political problems. Mexico has controlled all oil exports since foreign investors were kicked out in 1938. It's said that in 2012, Mexico will open some of it's reserves to foreign investors.
• The Orinoco Belt in Venezuela is said to hold a massive reserve of 513 billion barrels. Unfortunately, since the last boom in Venezuela, relations have been tough, but they're estimated to be producing around 2-3 million barrels per day.
• In Brazil, Santos and Campos Basin together have up to 123 billion barrels of oil, although it is mostly trapped in about two miles deep of salt and rock layers, about a mile under the Atlantic.
• Iraq possibly has about 45-100 billion barrels of oil in the southwest desert's supergiant fields. There are two problems with accessing Iraq's oil; the political problems and the refining process. There currently aren't enough refineries or fresh water for the process.
• Between Russia and China, Kazakhstan holds 11 billion barrels in it's Kashagan Field. The oil is sulphurous, and it's combined with a high quantity of high-pressure natural gas. Also, drilling platforms have to be incredibly sturdy to weather the harsh conditions in the Caspian Sea. 
• Ghana holds about 1.8 billion barrels in the Jubilee Fields. Political issues have stopped us from collecting this oil, but it looks very promising.
3. If there are, how can we make it last longer?
• While it seems like we have a fair amount of oil left, if we use it like there's no tomorrow and don't think about the effects of over using oil, we'll run out fast. We need to be acting and coming up with a plan to stop using oil.