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The Latest Red Flag For U.S. Shale

Production

The U.S. shale industry has had a rough few weeks, with a growing number of reports suggesting that the industry is facing much more financial trouble than many analysts had expected. Now, a new report adds further evidence to the notion that shale is losing its luster in a $50 per barrel market, with producers […]


The World Eyes Yet Another Unconventional Source of Fossil Fuels

Production

Vast quantities of methane hydrates — frozen deposits of natural gas on the sea floor — exist worldwide. But as experimental drilling moves forward, many experts question the wisdom of exploiting a costly, environmentally risky trove of fossil fuels that will accelerate global warming. In May of this year, China claimed a breakthrough in tapping […]


Could UK Oil Production Peak Again In 2019?

Production

Production History And Reserves UK oil production peaked in 1999. The peak was probably pushed out a couple of years because of the major production interruptions following the Piper Alpha disaster. Production declined quickly until around 2011, then the high oil price allowed more brownfield and then greenfield developments that created a third local peak […]


Why Would Oil Demand Peak, Contrary to Peak Oil Supply?

Why Would Oil Demand Peak, Contrary to Peak Oil Supply? thumbnail

The oil industry is quite familiar with the concept of a “Peak Oil Supply” but people find it hard to believe that there is another side of the theory, which is “Peak Oil Demand”. This article will examine why the concept of peak oil supply failed to materialize and why one should believe the concept […]


OPEC July Production Data

Production

All data below is based on the latest OPEC Monthly Oil Market Report. All data is through July 2017 and is in thousand barrels per day. The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not add […]


US EIA raises gas production estimates

Production

The US Energy Information Administration nudged up its natural gas production estimates for the fourth quarter and coming year amid rising demand from the generation sector and a boost in exports. The agency, in its August Short-Term Energy Outlook Tuesday, raised by 840 MMcf/d to 82.1 Bcf/d its natural gas marketed production estimate for the […]


No-Name US Oil Driller Gets Shot at World’s Biggest Reserves

Production

Nicolas Maduro was in his element, flanked by an enormous Venezuelan flag, beneath a portrait of Simon Bolivar on horseback, in front of a statue of Hugo Chavez, praising foreign companies wise enough to make deals with what he called “our beloved PDVSA.” That would be Petroleos de Venezuela SA, the state-owned oil giant struggling […]


Did BP Just Unlock A New Major Shale Gas Basin?

Production

BP made a potentially groundbreaking discovery in New Mexico, which could open up a new area for shale gas development. BP was drilling in a little-known area in northern New Mexico, in a place called the Mancos Shale. The British oil giant reported huge figures from the shale gas well, suggesting the Mancos could provide […]


Is This the Beginning of the End for the Oil Industry?

Production

The energy sector is undergoing a seismic shift that has caught many pundits by surprise. That shift was triggered by the Saudi decision to boost production as the Kingdom sought to challenge the U.S. shale oil industry’s rise and reassert OPEC’s dominance. Because of growing global supplies coupled with waning demand growth, crude prices plunged. […]


Macroeconomic Risks For The Oil Industry

Production

The global oil industry now appears to be in the early stages of a cyclical expansion which is likely to see prices rise over the next few years, slowly at first but then accelerating later. Deep and long cycles in oil prices have been the defining characteristic of the industry since the 1860s (“Crude volatility: […]


Canadian oil struggling for world position

Canadian oil struggling for world position thumbnail

The Canadian oil sector should expect growth in exploration and production, but its place on the global stage is still uncertain, a trade group said. The National Energy Board said that, as of July 7, it expected total production of crude oil and equivalent will be 4.05 million barrels per day for the year, which, […]


OPEC’s Existential Sucker Punch

OPEC’s Existential Sucker Punch thumbnail

You wait decades for an existential crisis, then two come along at once. At least that’s how it must feel for OPEC’s beleaguered ministers. In the short term the market for their oil is being eroded by rising production outside their control. Looking further ahead, oil demand itself is under threat from the electrification of […]


Next year U.S. oil production will exceed its 1970 peak

Production

Crude oil production in the U.S. will reach an average of 9.9 million barrels a day in 2018, the Energy Information Administration projects in its latest Short-Term Energy Outlook report. This would surpass the previous record of 9.6 million barrels per day, set in 1970. So much for Hubbert’s Peak. In 1956, geologist M. King […]


Has fracking reached peak sand?

Has fracking reached peak sand? thumbnail

Texas oil is booming, and so are the sand mines needed for fracking the wells. But hydraulic fracturing leader Halliburton is warning that its surging sand use is finally topping out, and maybe even falling. Fairmount Santrol, an Ohio company, announced this week it will build yet another sand mine in the Permian Basin to […]


Saudi Arabia Turns Off the U.S. Oil Tap

Production

  At last, Saudi Arabia seems to be doing what it takes to reduce the world’s most visible oil glut: the one in the U.S. Unfortunately, its renewed vigor comes as OPEC’s deal to reduce excess crude stockpiles starts to show signs of unraveling elsewhere, a subject that will be wrestled with by the group’s oil […]


Saudi Arabia empties domestic crude tanks

Saudi Arabia empties domestic crude tanks thumbnail

Saudi Arabia has been progressively reducing its bloated domestic stocks of crude in a sign the global oil market is rebalancing, albeit more slowly than OPEC anticipated. Saudi Arabia’s domestic crude stocks declined in 16 of the 19 months between November 2015 and May 2017 according to government data reported to the Joint Organisations Data […]


What If Big Oil’s Bet on Gas Is Wrong?

Production

Talk to a Big Oil executive these days, and the chances are they’ll steer the conversation toward gas. “In 20 years, we will not be known as oil and gas companies, but as gas and oil companies,” Patrick Pouyanne, chief executive officer of French giant Total SA, told a conference in St. Petersburg last month. […]


Aramco CEO Nasser: Peak oil demand scenario misplaced

Aramco CEO Nasser: Peak oil demand scenario misplaced thumbnail

SAUDI Aramco President and Chief Executive Officer Amin H. Nasser has said that as the global oil market rebalances, the industry needs to avoid letting short-term factors overshadow the need for long-term investments. Oil will play a key role in meeting future global energy demand despite scenarios of peak demand and stranded resources, which are […]


Aramco’s Odd Response to a Future Oil Shortage

Production

Let’s say you’re the holder of the world’s largest reserves of conventional, low-cost crude oil and you believe the supply outlook is “increasingly worrying” due to a lack of investment. Enhancing production capacity so as to cash in when prices soar would seem like a good idea. Apparently not if you’re Saudi Aramco. Saudi Arabian Oil […]


Saudi Aramco Chief Predicts Oil Shortage as Investment Falters

Production

The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can […]


Oil, gas key to world energy for ‘decades to come’: Saudi Aramco

Oil, gas key to world energy for ‘decades to come’: Saudi Aramco thumbnail

Oil major bosses and energy ministers are meeting at the World Petroleum Congress in Istanbul, with the outlook clouded by the low price of crude oil, currently trading at around US$45 a barrel. Amin al-Nasser, Chief Executive of state oil company Saudi Aramco. (ERIC PIERMONT/AFP) 11 Jul 2017 01:17AM (Updated: 11 Jul 2017 01:20AM) Share […]


Gulf of Mexico Discoveries, Reserves and Production

Gulf of Mexico Discoveries, Reserves and Production thumbnail

A Guest Post by George Kaplan Part I Discoveries and Reserves The following are a few charts and observations concerning the US Gulf of Mexico production, with data mostly taken from BOEM for the OCS and a bit from EIA. The BOEM data site has been updated and makes it easy to get the raw […]


Oil extraction in Iraq, the depletion of wealth or build an economy?

Production

Although there are some alternative energy oil sources, whether renewable or non-renewable, but it still occupies second place after oil, because they could not, or could not technological development, until the present time, to find an alternative that matched oil features General Overall, which gives some energy sources, large energy equivalent times what gives oil […]


The Fracking Industry Deserves Our Gratitude

The Fracking Industry Deserves Our Gratitude thumbnail

It has given America virtual energy independence, freeing it from the leverage of often hostile Middle East regimes. Less than ten years ago, America’s energy future looked bleak. World oil prices in 2008 had spiked to more than $100 per barrel of crude. “Peak oil” — the theory that the world had already extracted more […]


The End of Growth in the Tar Sands. So Now What?

Production

A managed decline of the tar sands isn’t a popular idea in Alberta, or in Canada for that matter. The idea of sunsetting the tar sands industry is about as polarizing as it gets. The problem is that people have been led to believe that a managed decline undercuts a booming oil industry that is […]


Oil Export Madness

Oil Export Madness thumbnail

We’ve been on quite a ride since the U.S. tight oil boom took off a decade ago. In fact, you can say that drillers in the Lower 48 have exceeded expectations. Back in 2013, the EIA never saw U.S. crude output topping 8 million barrels per day. I told you at the time that our […]


Why oil will remain relevant in the future

Why oil will remain relevant in the future thumbnail

As the world strives to kick its oil addiction, the Canadian oilpatch is doubling down on the volatile commodity. And with due respect to conventional wisdom, it might win its bet in doing so. Leading this year’s exodus of offshore investors from Athabasca are Royal Dutch Shell PLC and Houston’s ConocoPhillips, the latest in a […]


South Korea Is Very, Very Interested in America’s Natural Gas

Production

One thing became clear on the fourth day of the White House’s “Energy Week”: South Korea is really, really into U.S. natural gas. In less than 24 hours, South Korea’s energy companies had announced four partnerships with U.S. companies to explore opportunities in the U.S. natural gas business. Korea Gas Corp., the state-owned gas supplier, […]


Trump says the Atlantic, Arctic could soon be open to oil drilling

Production

The White House is making a bid to overturn the Obama administration’s five-year plan forbidding oil and gas exploration in the Arctic and Atlantic oceans and will examine opportunities to drill almost anywhere off the U.S. coast. Interior Department officials said Thursday that opening most of the outer continental shelf to leasing is part of President Trump’s […]


MEXICO Oil Reserves and Production

MEXICO Oil Reserves and Production thumbnail

This is a Guest Post by George Kaplan In dollar terms, since mid 2015 Mexico has been a net importer of hydrocarbons (oil, natural gas, petroleum products and petrochemicals combined). To date it has been a relatively small and fairly constant amount, but with their oil production declining, and oil prices apparently continuing to fall […]


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World petrol demand 'likely to peak by 2030 as electric car sales rise' #peakoil theguardian.com/business/2017/…

Big thanks to @kaleider for this beautiful copy of #AncientSunlight. So happy to see my old students' names in print #peakoil #BookOfFood

test Twitter Media - Big thanks to @kaleider for this beautiful copy of #AncientSunlight. So happy to see my old students' names in print #peakoil #BookOfFood https://t.co/ucfsMLqNcn

World petrol demand 'likely to peak by 2030 as electric car sales rise' theguardian.com/business/2017/… #peakoildemand #peakoil