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Can U.S. Shale Survive Below $40?

Production

Many U.S. shale drillers have said that they have full-proofed their operations for $40 oil, having lowered breakeven prices substantially over the last few years. They may soon have to prove it. Oil prices dropped to fresh seven-month lows on Tuesday, officially entering bear market territory, down more than 20 percent year-to-date. The declines have […]


Using Energy to Extract Energy – the Dynamics of Depletion

Using Energy to Extract Energy – the Dynamics of Depletion thumbnail

The “Limits to Growth Study” of 1972 was deeply controversial and criticised by many economists. Over 40 years later, it seems remarkably prophetic and on track in its predictions. The crucial concept of Energy Return on Energy Invested is explained and the flaws in neoclassical reasoning which EROI highlights. The continued functioning of the energy […]


Developments in Energy Consumption and Private and Public Debt per 2016

Developments in Energy Consumption and Private and Public Debt per 2016 thumbnail

For some time I have explored the relations in developments for total debt [private and public], interest rates, Gross Domestic Product (GDP) energy consumption and thus also the oil price. My theory has been that there are relations between changes to total debt and energy consumption and thus energy prices. Changes to total credit/debt should […]


Rout Tests World’s No. 3 Oil Reserves After Shell Decamps

Production

Scrutiny of Cenovus, Canadian Natural deals may increase Lower prices could prompt asset sales, lower capital spending When Royal Dutch Shell Plc decided to pull out of the Canadian oil sands, the local producers doubled down with more investment. Crude’s bear market is testing their resolve. Trailing only Saudi Arabia and Venezuela in proved reserves, the sticky […]


Is The Oil Industry Going Green? And Moving Away From Oil?

Production

Last week’s headline in the Wall Street Journal, “Total Eclipse: Oil Giant Sees Its Future in Electricity” no doubt caused many renewable energy advocates to fan themselves like antebellum Southern belles.More than any other oil major, Total sees electricity as a hedge against oil’s eventual decline and is assembling a new business around it. Last […]


Peak oil in the South China Sea

Production

China’s crude oil production has apparently peaked and is back to where it was at the beginning of 2010. Fig 1: China’s crude oil production http://www.jodidb.org/ Vietnam has become a net oil importer: Fig 2: Vietnam’s oil production and consumption At the end of 2016 tensions in the South China Sea have been rising again South […]


How A $200,000 Well Could Drastically Change The Oil Industry

Production

Technological upheavals in the oil sector will make it possible for mini-producers to market crude profitably, creating new competition for bloated fossil fuel companies accustomed to benefitting from their largesse. It takes serious cash to start an oil and gas exploration company the traditional way. A single well in the Permian Basin – recognized as […]


Why Some Hedge Funds Believe The Shale Boom Is Coming To An End (Again)

Production

Today’s Baker Hughes report confirmed that the US shale miracle continues, as another 6 oil rigs were added bringing the total to 747, the highest since mid-2015, with domestic producers seemingly oblivious – or perfectly well hedged – to the ongoing decline in crude prices which is once again set to crippled the Saudi budget. […]


Iran still world’s biggest natural gas player

Iran still world’s biggest natural gas player thumbnail

A new report shows Iran still has the world’s largest reserves of natural gas and is closely followed by market rivals Russia and then Qatar.  The global energy giant British Petroleum (BP) in its annual report on world energy reserves put Iran’s natural gas reserves at 33.5 trillion cubic meters (tcm). The figure was obtained […]


There were 2 developments this week that could have huge consequences for Russia’s oil

Production

Protests swept across Russia on Monday The US Senate passed a bill that would tighten sanctions on Russia These developments will have an impact on how Russia’s oil strategy plays out Oil watchers have mostly focused on the Middle East and the United States in recent months, but this week saw two notable developments for the third […]


Excess oil inventories to last until 2018 – IEA

Production

Oil demand should outpace supply in the second half of this year but excess inventories will persist well into 2018, dealing a blow to global crude producers enacting output cuts to bring down stubbornly high stockpiles. The forecast from the International Energy Agency comes as higher than expected demand growth next year is met by […]


Iran Aims To Develop Its Largest Oil Field

Production

One of Iran’s top energy priorities this year would be developing onshore and offshore oil fields that it shares with neighboring countries, the official Islamic Republic News Agency (IRNA) quoted deputy oil minister Ali Kardar as saying on Monday. The official named South Pars phase 11 (oil layer) and the Azadegan oil field as priority developments, […]


New technology could recover more oil from early Bakken wells

Production

Oil companies are applying new hydraulic fracturing techniques to early Bakken wells, a process industry leaders say has the potential to recover more oil without increasing the footprint on the land. Operators are targeting wells drilled between 2008 and 2010, the early years of Bakken development before fracking technology advanced to where it is today. […]


Shale production may soon hit a wall

Production

A decade or so ago I was doing a TV interview and talked about a technology called horizontal fracturing and shale oil that might one day make the U.S. energy independent and I was laughed off the air. You see back then the concept of energy independence was thought to be an impossibility. Fast forward […]


Shale a sword of Damocles over oil

Production

Opec and non-Opec members decided during their meeting on May 25 to renew their production agreement at current levels for another nine months. In a joint statement Khalid Al Falih, the Saudi Arabian energy minister, and the Russian energy minister, Alexander Novak, stressed the need for an inventory target, rather than a price one. This […]


Oil majors submit surveys to develop Iran’s Azadegan

Production

International energy companies including Total, Petronas and Inpex, have presented technical surveys for the development of the Azadegan oilfield, an Iranian oil official was quoted as saying on Saturday. Tehran is looking to ramp up its crude output and with 37 billion barrels of oil, the Azadegan field is Iran’s largest, shared with its neighbor […]


The Dark Side Of The Oil Tech Boom

Production

As artificial intelligence becomes ever more attainable and tech start-ups continue to divide and multiply, traditional oilfield research and development is going the way of the buffalo. Drilling is still an inexact and complex process, with high costs of labor and environmental damages. In the wake of the past years’ oil slump, energy industries are looking […]


Building blockchains in energy markets

Production

The idea of using blockchain technology to ease trading in the energy and commodities markets is cropping up more and more. Famously, blockchain is the technology behind cryptocurrency Bitcoin. Blockchains can be public, as with Bitcoin, or private, such as a group of traders. The individual participant receives an online wallet that can be charged […]


Digging the Graveyard of Oil’s Past

Digging the Graveyard of Oil’s Past thumbnail

Moored off the port of Rotterdam, Netherlands, Pioneering Spirit looms so large that it is difficult to recognize as a ship. The crew of 450 is dwarfed by the cranes and pipes that dominate the sprawling layers of decks. For decades, Edward Heerema, head of Allseas, the Swiss-based energy services company, dreamed of building a […]


US oil output poised to hit 10 million barrels a day next year, breaking 1970 record

Production

The U.S. Department of Energy on Tuesday signaled it is now more confident that U.S. oil production will rise to 10 million barrels a day next year, the highest average annual level on the books. The department’s Energy Information Administration forecast output would surge to the historic level in 2018 after last month projecting the […]


Big oil, small US towns see new reward in old production technique

Production

Amid the frenetic activity of American shale oilfields recovering from a two-year recession sit a handful of oil towns that seemed impervious as many producers went into bankruptcy and the economy around them sank. Occidental Petroleum Corp (OXY.N) and a few other oil producers with wells near this town on New Mexico’s border with Texas […]


Saudi Arabia vs. Russia: The fight to become China’s top oil supplier

Saudi Arabia vs. Russia: The fight to become China’s top oil supplier thumbnail

Crashing oil prices brought Russia and Saudi Arabia closer together than ever. But now, a race to satisfy China’s huge energy needs threatens to drive them apart. Russia and Saudi Arabia have closely coordinated their efforts to eliminate a massive oil supply glut that sent crude prices crashing last year to unthinkably-low prices. They agreed, […]


Crude Oil Begins To Flow Through Controversial Dakota Access Pipeline

Crude Oil Begins To Flow Through Controversial Dakota Access Pipeline thumbnail

Crude oil is now flowing through the Dakota Access Pipeline, despite months of protests against it by Native American tribes and environmental groups. The pipeline spans more than 1,000 miles from North Dakota to Illinois and cost some $3.8 billion to construct. It is expected to transport approximately 520,000 barrels of oil daily. “Construction on […]


Oil Price Target: $0

Oil Price Target: $0 thumbnail

This is not a joke, but neither should you worry if you are long oil, as the price will most likely hit (at least) $100 long before it heads south, and that is due to a rising deficit between oil production and new oil discoveries (exhibit 1). Exhibit 1: Oil discoveries vs. oil production (globally) […]


Has Permian Productivity Peaked?

Has Permian Productivity Peaked? thumbnail

The U.S. shale industry might have just received a huge windfall with the nine-month extension of the OPEC cuts. Shale output was already expected to come roaring back this year, but the extension of the cuts provides even more room in the market for shale drillers to step into. The sky is the limit, it […]


Energy Return on Investment of Canadian Oil Sands Extraction from 2009 to 2015

Production

Abstract : Oil sands, as unconventional oil, are so essential to both Canada and the world that special attention should be paid to their extraction status, especially their energy efficiency. One of the most commonly used methods to evaluate energy efficiency is the Energy Return on Investment (EROI) analysis. This paper focuses on EROI analysis […]


‘Axis of love’: Saudi-Russia detente heralds new oil order

‘Axis of love’: Saudi-Russia detente heralds new oil order thumbnail

A meeting between the two men who run Russia and Saudi Arabia’s oil empires spoke volumes about the new relationship between the energy superpowers. It was the first time that Rosneft (ROSN.MM) boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting – going beyond the numerous times they had […]


Oil Tanker Passing Through Red Sea Attacked By Unknown Militants

Production

An oil tanker passing through the Red Sea near Yemen suffered an attack on Wednesday perpetrated by unknown agents, according to the European Union’s naval forces. The assailants used rocket-propelled grenades on a tanker bearing the Marshall Islands’ flag in the Bab al-Mandab Strait, which is the focus of the proxy war between Saudi Arabia […]


Texas Update, May 2017

Texas Update, May 2017 thumbnail

The Chart above compares several different combinations of past (vintage) data to estimate output. The dotted line is based on the most recent 8 months (August 2016 to March 2017) of data saved from the RRC website, the blue solid line is based on the past 12 months of data, and the yellow line is […]


Venezuela: The Brutal Consequences Of Oil Addiction

Venezuela: The Brutal Consequences Of Oil Addiction thumbnail

Oil prices continue to waver after an 18-month slump, and the world’s most oil-dependent nations are feeling the effects. Saudi Arabia, home of the world’s biggest oil company Saudi Aramco, has announced that they intend to become completely independent of oil by 2030. While this news looms large for the industry and stands starkly as […]


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#OOTT M. King Hubbert - the guy behind #peakoil - helped on this report in 1957. This is #awesome. #oilandgas 💪

test Twitter Media - #OOTT M. King Hubbert - the guy behind #peakoil - helped on this report in 1957. This is #awesome. 

#oilandgas 💪 https://t.co/HkIdyHVkVc

Thought this from #peakoil era would have died years ago.Bigger the project, Bigger the PR budget? twitter.com/robverdonck/st…

From peak oil to energy abundance. Energy expert now says the Permian Basin is a permanent ... #PeakOil dld.bz/gaTac