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Saudi Arabian Production Was Supposed to Peak in 2006

Production

The world was running out of oil and the global economy was about to collapse as a consequence ten years ago. Imminent peak oil doom was everywhere and one of its leading proponents was banker Matthew Simmons. Among other things, Simmons based his prognostications on the claim that oil production in Saudi Arabia was about […]


Norway Doubles Down On Arctic Oil

Norway Doubles Down On Arctic Oil thumbnail

While Canada and the U.S. ban Arctic drilling for oil and gas motivated by environmental concerns, and majors such as Shell pull out of their Arctic projects due to financial pressures, Norwegian energy companies are planning to increase drilling in the country’s Arctic shelf in the Barents Sea. It seems that the limited oil price […]


Mexico turns to the Jurassic era for shale oil

Production

Mexico’s plans to develop its shale oil resources have finally taken a step forward following years of largely fruitless efforts by the state owned company Pemex. Canada’s Renaissance Oil and Russia’s Lukoil are joining forces to develop the Amatitlan block of the Chicontepec region. They aren’t interested in the shallower tight oil, but in the […]


How Saudis Cut Oil Output Without Really Cutting

Production

Saudi Arabia has led the way among major energy exporters in cutting oil production. At the same time, the kingdom is adding to global supply in a surprising way. The deal to cut oil output has been a success, at least for its first month, largely because there was little cheating and because Saudi Arabia […]


Can Other Oil Basins Ever Catch Up To The Permian’s Prosperity?

Production

While many exploration and production (E&P) companies hustle to buy diminishing available acreage in the Permian Basin, other basins are lining up to the be next play that cashes in on $50-plus oil. Increasingly, the rig count bears out the possibilities. Although the Permian remains the leader in rig addition, others are showing signs of […]


Is The Bakken a Bust?

Is The Bakken a Bust? thumbnail

North Dakota has released December production data for the Bakken and for all North Dakota. They were a little shocking. Bakken production down 86,150 barrels per day 895,330 bpd. North Dakota production down 92,029 bpd to 942,455 bpd. It was noted that this the largest decline ever in North Dakota production. But it should not […]


Learning to Frack

Production

Technological advances and learning-by-doing have made U.S. shale oil profitable even at $55/barrel. Just ten years ago shale oil was expensive. Global oil prices spiked to $135/barrel in 2008 but shale oil didn’t and couldn’t respond. Now, at only $55/barrel, U.S. oil producers are going all in, announcing billions of dollars of increased investment, particularly […]


Fireballs and booby traps: On the front lines with the oil workers …

Fireballs and booby traps: On the front lines with the oil workers … thumbnail

The flames exploded into the sky like a volcanic eruption, blanketing a swath of the Iraqi countryside in a noxious haze of black smoke. The inferno reached more than 300 feet high on a recent afternoon when the wind shifted direction, bending the billowing wall of fire toward the men from Iraq’s North Oil Co. […]


Russia’s economy grows at $40 per barrel oil

Production

The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel, the Central Bank of Russia said. Central Bank Gov. Elvira Nabiullina said Thursday the Russian economy stands to exhibit growth this year. The number of economic sectors expected to expand this year […]


The Blood Bath Continues in the US Oil Industry

Production

Guest Post by SRSrocco This post does not necessarily reflect the views of Dennis Coyne or Ron Patterson. The carnage continues in the U.S. major oil industry as they sink further and further in the RED. The top three U.S. oil companies, whose profits were once the envy of the energy sector, are now forced […]


An Energy Giant Bigger Than Exxon in the Shadow of Saudi Aramco

Production

Qatar Petroleum’s output has more than doubled since 2006 World’s top LNG producer now seeks international expansion Qatar Petroleum is the hidden giant of the global energy industry, overshadowed by its neighbor Saudi Aramco. Yet, the country’s colossal natural gas resources allow the state-run company to pump more oil and gas than Rosneft PJSC or […]


US Army Corps Grants Key Easement for Dakota Access Pipeline

Production

Following a boost from the Trump administration, the U.S. Army Corps of Engineers (Corps) on Tuesday returned to its original assessment and granted an easement to the backers of the controversial $3.8 billion, 1,200-mile Dakota Access Pipeline (DAPL) for its final leg, a water crossing in south-central North Dakota. Although opponents said they would file […]


US Could Export More Oil Than OPEC Countries In 2017

US Could Export More Oil Than OPEC Countries In 2017 thumbnail

The U.S. may export more oil in 2017 than four OPEC member states produce, according to a survey of energy analysts by Bloomberg. The U.S. is already outproducing Libya, Qatar, Ecuador and Gabon; in 2017, U.S. companies could ship more oil overseas than those OPEC nation pump out of the ground, according to Bloomberg. “The […]


Iran thumbs nose at Washington on oil

Production

Iran says it’s still getting more of its oil to the international market despite Washington’s latest policy stance. Photo by Pepj/Shutterstock Feb. 3 (UPI) — Iran is still able to get its crude oil to the international market and increase production despite souring U.S. relations, an Iranian official said Friday. The White House is expected […]


OECD Oil Production

Production

OECD Fig 1 The OECD has only 4 significant oil producers: the USA, Canada, Mexico and Norway. The UK has now become a small player with production ~ 1 Mbpd alongside small producers Denmark and Australia. The revival in OECD oil production began at the beginning of 2012, led by US light tight oil (LTO) […]


The Keystone XL Pipeline: A Risky Bet on Higher Oil Prices and Tight Oil

The Keystone XL Pipeline: A Risky Bet on Higher Oil Prices and Tight Oil thumbnail

Opponents of the Keystone XL and Dakota Access pipelines hold a rally as they protest President Donald Trump’s executive orders advancing their construction, at Lafayette Park next to the White House in Washington, DC, on January 24. (SAUL LOEB/AFP/Getty Images) The Keystone XL Pipeline is a bet on much higher oil prices several years from now. […]


Arctic oil production more than doubled

Production

Russian oil company Gazprom Neft said its production from a field in Arctic waters more than doubled from levels reported in 2015. The company said total production from the Prirazlomnaya oil field in the Russian waters above the Arctic Circle totaled 15.7 million barrels for full-year 2016, an increase from the 5.8 million recorded the […]


Pakistan’s oil production hits two-year high

Production

Pakistan’s oil production reached two-year high of 97,000 barrels/day (bpd) in December 2016, led by production additions from Nashpa and Mardan Khel fields. “Both the fields added around 11 percent to December 2016’s oil production, a cumulative flow of around 10,000bpd of oil,” analyst Nabeel Khurshhed said in a report issued by Topline Securities. Gas […]


Is the Era of Oil and Gas Megaprojects Over?

Production

With oil prices still trading around the $50/barrel mark, oil and gas companies will likely revisit costly field development projects, as BP plc did late last year with Mad Dog 2 development project. The company was able to reduce project costs through system optimization, collaboration with co-owners, simplification of the design using industry-led solutions and […]


Saudi Arabia Will Continue To Cut Oil Output For Months And Years …

Saudi Arabia Will Continue To Cut Oil Output For Months And Years … thumbnail

Saudi Arabia has kept its promise. It has cut oil output by 486,000 barrels a day, in line with the OPEC agreement the Kingdom pulled together last October, helping oil stabilize above $50 per barrel. That’s music in the ears of American frackers, who have been bringing oil rigs back to life at a feverish […]


Robots Are Taking Over Oil Rigs

Production

The robot on an oil drillship in the Gulf of Mexico made it easier for Mark Rodgers to do his job stringing together heavy, dirty pipes. It could also be a reason he’s not working there today. The Iron Roughneck, made by National Oilwell Varco Inc., automates the repetitive and dangerous task of connecting hundreds […]


Heinberg: Will the US Really Be a Major Energy Exporter?

Production

The analytical arm of the U.S. Department of Energy now says the United States will become a major energy exporter in a few years. Will this eventually prove to have been an accurate prediction? The forecast is contained in the Energy Information Administration (EIA)’s Annual Energy Outlook (AEO) for 2017, released on January 5th. In […]


Why Russia Beat Saudi Arabia As China’s No.1 Oil Supplier

Production

Russia last year overtook Saudi Arabia as China’s biggest supplier of crude oil thanks in large part to increased demand from independent refineries, popularly called teapots. This is what statistics data released today by Beijing’s customs authority show. The average daily amount that Russian companies exported to China in 2016 stood at 1.05 million barrels, […]


We used to worry about ‘peak oil’. Then the technological revolution happened

We used to worry about ‘peak oil’. Then the technological revolution happened thumbnail

When you hear the words high tech, you probably imagine a smartphone, a driverless car, maybe even a spaceship. Having been in the oil and natural gas business for 36 years, I picture 3D seismic imaging that enables scientists to see miles below the seabed floor; the world’s biggest carbon sequestration project; and precision drilling […]


Tehran, Baghdad to inaugurate joint gas pipeline

Tehran, Baghdad to inaugurate joint gas pipeline thumbnail

Spokesperson of National Iranian Gas Company (NIGC) said Iran-Iraq gas pipeline will be unveiled on Tuesday though exports to the neighboring country will still remain in a halt. NIGC Spokesman Majid Bujarzadeh made the remarks emphasizing that Iran is ready to inject gas into the export pipeline asserting “the Iraqi side is still unprepared to […]


OPEC Praises Production Cuts, Reveals No Penalties For Violators As Deal Skepticism Rises

Production

After Sunday’s latest meeting between OPEC and non-OPEC countries in Vienna, energy ministers struck an optimistic note regarding the recent agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time. Oil producers said they are in “total agreement” on the mechanism for monitoring pledged output […]


Explorers in World’s Fastest-Growing Oil Market Seek Tax Breaks

Production

Explorers in the world’s fastest-growing oil market are seeking lower taxes on crude produced domestically to encourage fresh drilling as India tries to reduce its dependence on energy imports. State-run Oil & Natural Gas Corp. and the biggest private producer Cairn India Ltd. want Finance Minister Arun Jaitley to at least halve the tax on […]


OPEC Faces Headwinds From Rising Non-OPEC Production

Production

OPEC is facing headwinds with rising production from rivals, the International Energy Agency said Thursday, the latest warning that OPEC’s efforts to take barrels out of the market could backfire. The Organization of the Petroleum Exporting Countries—the 13-nation oil cartel that controls over a third of global crude production—promised to… www.wsj.com


OPEC’s Production Cut: Who Will Cheat First?

Production

There was one significant part of last year’s OPEC deal that was absent, and it may prove to be its undoing. Just weeks into the deal and days from a first inspection, there are rumours not everyone is playing by the rules. On the face of it, reports are positive. Output fell in December from […]


Oil Production Here Is Declining Faster Than Anywhere On Earth

Oil Production Here Is Declining Faster Than Anywhere On Earth thumbnail

Series of important warnings emerging in the oil sector this week. With several sources noting that production is taking a steep nosedive — in one particular part of the world. Asia-Pacific. Industry specialists Wood Mackenzie released data Monday showing that Asian crude output is falling notably. In fact, the decline is substantially greater than production […]


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