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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 […]

Russia Struggling To Expand Arctic Oil Production


Oil production from Russia’s Arctic region increased in 2017 as new onshore developments and the only offshore producing platform ramped up production. But challenges in Russia’s arctic remain. Last year, production from onshore fields in Yamal-Nenets autonomous region in northern Russia contributed the most to the rise in oil production in the Arctic. Output from […]

Hydraulically fractured horizontal wells account for most new oil and natural gas wells

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Source: U.S. Energy Information Administration, based on DrillingInfo Inc. and IHS Markit In 2016, hydraulically fractured horizontal wells accounted for 69% of all oil and natural gas wells drilled in the United States and 83% of the total linear footage drilled. The combination of horizontal drilling and hydraulic fracturing has increased the rate of recent […]

Revisiting Peak Oil; entering the era of abundant oil

Revisiting Peak Oil; entering the era of abundant oil thumbnail

Rather than witnessing peak oil supply or oil scarcity, we are now seeing a flood of new oil supplies across the world. Rather than worrying about where all the oil we will need in the future is going to come from, we are now talking about when global oil demand will peak. The timing of […]

Why Canada Is The Next Frontier For Shale Oil


The revolution in U.S. shale oil has battered Canada’s energy industry in recent years, ending two decades of rapid expansion and job creation in the nation’s vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and […]

Is This The World’s Most Critical Pipeline?

Is This The World’s Most Critical Pipeline? thumbnail

The Southern Gas Corridor, connecting Azerbaijan to the world’s largest economic block, is one of the most important infrastructure pipeline projects worldwide, bringing Caspian gas into Europe. Europe wants to become less dependent on Russian gas and use more clean energy, taking advantage of the technological advances made in the renewables sector, along with the […]

The Dark Side of America’s Rise to Oil Superpower


The last time U.S. drillers pumped 10 million barrels of crude a day, Richard Nixon was in the White House. The first oil crisis hadn’t yet scared Americans into buying Toyotas, and fracking was an experimental technique a handful of engineers were trying, with meager success, to popularize. It was 1970, and oil sold for […]

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