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Ghana is ‘about to have an oil boom’


Ghana, the west African nation known as one of the world’s largest cocoa producers, is on course for skyrocketing economic growth this year thanks to an entirely different commodity. Ghana is “about to have an oil boom,” Imad Mesdoua, senior consultant for Africa at Control Risks, told CNBC via telephone. “This will primarily be driven […]

North Sea Back to ‘New Normal’


The North Sea is now back to a ‘new normal’ but we are never likely to go back to the heyday of 2014, according to Kevin Swann, Wood Mackenzie (WoodMac) UK upstream research analyst. “Cost cutting has been widespread with an average reduction of more than 30 percent in operating expenditure across the North Sea,” […]

China Now Produces More Oil Abroad Than At Home


China is among the most import-dependent large oil consumers, but imports, it seems, are not its only problem when it comes to oil. Apparently, production from assets the Chinese state oil companies own abroad now exceeds domestic production, increasing the country’s dependency on foreign oil. That in itself is not the problem, writes Michael Lelyveld […]

Saudi Arabia Plans Its Own Shale Revolution


Saudi Arabia has big gas plans, with Aramco eyeing a twofold increase in its natural gas production over the next ten years as it seeks to switch local power plants to gas from oil, so it can export more crude. This gas, apparently, could come from shale deposits. The World Energy Council estimates that Saudi […]

Aging Oil Fields Defy Gravity to Pump More Crude


Bob Dudley, in his 38 years in the oil industry, has never seen anything like what happened with BP Plc’s old fields last year: They gushed more crude. “I cannot remember ever in my career having seen a negative decline rate,” the British oil-giant’s chief executive officer said in an interview on the sidelines of […]



A Guest Post by Guy Minton (Details for the chart above are explained in the post.) The Texas Railroad Commission (RRC) had the oil and gas production reported online in early 2005, and became fully online for producers and the public on Feb 14, 2005. At the time it was set up, it required the […]

Heinberg: New U.S. Record-Level Oil Production! Peak Oil Theory Disproven! Not.


Well, I’m amazed and impressed. Tight oil production has pushed total United States petroleum output to more than 10 million barrels a day, a rate last seen almost a half-century ago. It’s a new U.S. record. Fifteen years ago I was traveling the world with a Powerpoint presentation featuring a graph of U.S. oil production […]

‘Global oil sector needs $20tr investments over 25 years’


The global oil and gas industry needs to invest more than $20 trillion (Dh73.4 trillion) over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco Chief Executive Officer Ameen Nasser said on Tuesday. Speaking at the CERAWeek conference in Houston, Nasser said the […]

IEA Predicts Nightmare Scenario For OPEC


The U.S. will supply much of the world’s additional oil for the next few years, according to a new report from the International Energy Agency (IEA). Over the next three years, the U.S. will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and […]

US Will Be the World’s Largest Oil Producer by 2023, Says IEA


The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday. U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from […]

Peak Oil? What Peak Oil?


On February 23, 2018, this from the blog: Peak oil? What peak oil? During the past two years there have been numerous articles on lack of investment in offshore projects which some suggest are desperately needed to forestall a shortage of oil in the out year (think, “Peak Oil”). Today, from a GlobalData press release: […]

The Shale Wonderland


The world was taken aback when oil prices fell dramatically early this year. We had grown used to oil at over US$100/barrel. To drop to about half was unprecedented. Many in the oil production business are desperately revising their budgets; the rest of us are starting to enjoy an improved cash flow. Of course, what […]

Offshore Oil Recovery Beginning in World’s Harshest Environments


Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told analysts and investors in […]

Russia Is Taking Over Syria’s Oil And Gas


It finally happened… In accordance with an energy cooperation framework agreement signed in late January, Russia will have exclusive rights to produce oil and gas in Syria. The agreement goes significantly beyond that, stipulating the modalities of the rehabilitation of damaged rigs and infrastructure, energy advisory support, and training a new generation of Syrian oilmen. […]

Russia’s oil production in Arctic may hit peak in 2020s


Russia’s oil production in the Arctic will reach peak levels in the 2020s, head of the state commission on natural resources Igor Shpurov said. Over 2017, he said, Russia produced in the Arctic about 76 million tonnes of oil, and the production would be growing to 2026 hitting a record of 122 million tonnes a […]

Clean Oil That Only Costs $20


The United States is in the midst of an energy revolution. Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies. The proof is in the numbers. […]

Venezuela oil production is plummeting


Venezuela’s main source of cash is dwindling at a breathtaking pace. The country’s oil output in January fell to its lowest level in nearly 30 years, not including a brief oil strike in 2003, according to S&P Global Platts. A monthly OPEC report published Monday revealed Venezuela pumped 1.6 million barrels of oil per day […]

The Crisis Engulfing Venezuela’s Oil Patch Is Far Worse Than Anticipated


Summary Venezuela’s oil industry is caught in a deep-crisis. There are signs that oil production is declining at a faster rate than many analysts are anticipating. If output drops as sharply as it appears to be it could dislocate anywhere up to 900,000 barrels daily from global supplies bolstering prices. President Maduro’s attempts to hang […]

From shortage to surplus: Where will energy innovation take us next?


Forty-five years ago, I passed my driving test and giddily slipped my driver’s license into my wallet, ready to enjoy the freedom that a dollar’s worth of gas – then 28 cents a gallon at the local Hess station – could provide. Several months later, those prices had just about doubled. My mother was waking […]

Kunstler: Party On, Dudes

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As of this week, the shale oil miracle launched US oil production above the 1970 previous-all-time record at just over ten million barrels a day. Techno-rapturists are celebrating what seems to be a blindingly bright new golden age of energy greatness. Independent oil analyst Art Berman, who made the podcast rounds the last two weeks, […]

US Oil Production Will Collapse Just As Quickly As It Increased

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While U.S. oil production reached a new peak of 10.25 million barrels per day, the higher it goes, the more breathtaking will be the inevitable collapse. Thus, as the mainstream media touts the glorious new record in U.S. production that has both surpassed its previous peak in 1970 and Saudi Arabia’s current oil production, it’s […]

Exxon To Produce All Of Its Oil Despite Peak Demand Fears

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ExxonMobil was forced to finally acknowledge the possibility that future climate change policy could lead to peak oil demand, a serious threat to the company’s operations over the long-term. In response to a shareholder resolution passed last year, the oil major just released a report that recognizes the danger of peak oil demand. By 2040, […]

Oil World Turns Upside Down as US Sells Oil in Middle East


The United Arab Emirates, a model Persian Gulf petro-state where endless billions from crude exports feed a giant sovereign wealth fund, isn’t the most obvious customer for Texan oil. Yet, in a trade that illustrates how the rise of the American shale industry is upending energy markets across the globe, the U.A.E. bought oil directly […]

The Shale Boom Might Not Last Long


U.S. shale is growing at a scorching rate, but will the shale industry be around for the long haul? A new study calls into question the heady projections for shale oil and gas, arguing that expectations of huge levels of production for decades to come are based on shaky assumptions. The Post Carbon Institute’s report […]

Saudi Arabia: One-time ‘swing producer’ becomes ‘swayed producer’ of oil


© Getty Images Oil prices have reached the $70-a-barrel mark, their highest since December 2014, but neither Saudi Arabia nor Russia is shouting with glee. That’s because it remains to be seen whether the oil market has achieved price stability for awhile. Saudi Energy Minister Khalid al-Falih this month spoke of the “fragility of the market.” He […]

The Great Crude Oil Fireball Test

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If all goes well, a massive fireball of hydrocarbons will ignite in the New Mexico desert some time in the next year. It will be part of a multiyear Department of Energy research project to understand whether the chemical composition of unconventional crude oils changes the risk they pose to the nation’s highways, pipelines, and […]

Heinberg: U.S. Energy Abundance for Now— But Don’t Peek Behind That Curtain!


The Energy Information Administration (EIA) of the U.S. Department of Energy is about to release its Annual Energy Outlook (AEO) 2018, with forecasts for American oil, gas, and other forms of energy production through mid-century. As usual, energy journalists and policy makers will probably take the document as gospel. That’s despite the fact that past AEO reports […]

Iran Can Boost Output Fast If OPEC Ends Cuts


Country can add 100,000 barrels daily within a week: Zanaganeh OPEC, allied suppliers to meet in June to assess crude market Bijan Namdar Zanganeh Photographer: Akos Stiller/Bloomberg Iran can swiftly increase production of crude if OPEC decides to scrap limits on global output when the group meets next in June, Oil Minister Bijan Namdar Zanganeh […]

Peak Fracking


What the Frack? a short term, toxic bubble fracking is a toxic, desperate effort to maintain natural gas and petroleum supplies. Conventional oil peaked in the USA in 1970 and conventional natural gas peaked in 1973. Fracking has not raised domestic oil production above this level, although the conventional natural gas peak has been surpassed, […]

Richard Zeits On Ten Million BOPD And What It Means For The US, Saudi Arabia


I have a fairly long post with updates regarding all the hand-wringing about “decreased conventional discoveries” and how that will lead to a scarcity of oil in the “near future.” Some refer to this as “peak oil.” Richard Zeits has an incredibly good column today over at SeekingAlpha further suggesting that “peak oil” will be […]

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