Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on January 1, 2018

Bookmark and Share

Mature ‘super basin’ in US breaks 44-year oil record

Production

A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973.

The Permian Basin has reached a new production volume of at least 815 million barrels in 2017, far exceeding its previous peak of 790 million barrels, according to new analysis from information firm IHS Markit.

In 1973, the basin produced an average of nearly 66 million barrels of oil per month – peak liquids production occurred in September with slightly more than 68 million barrels produced.

By the middle of the past year, average monthly production already exceeded the best month of Permian production during the former peak period.

Since July, Permian liquids production exceeded 484 million barrels, around an average of slightly more than 69 million barrels per month.

Reed Olmstead, Director of Energy Research and Analysis at IHS Markit, said: “The magnitude of the rebound in Permian Basin liquids production is unprecedented.

“Not so long ago, many in the industry were saying the Permian was dead but the phoenix has again risen from the ashes and is soaring to new heights.”

Energy Live News



46 Comments on "Mature ‘super basin’ in US breaks 44-year oil record"

  1. Anonymous on Mon, 1st Jan 2018 8:10 am 

    USA!

  2. Cloggie on Mon, 1st Jan 2018 8:32 am 

    Congratulations, yet another few years added to the oil age.

    Yet I prefer this solution, that has permanence even though it will not work tomorrow or next year. But it will work in 2050:

    https://deepresource.wordpress.com/2017/12/31/dutch-energy-figures/

    Never a dry hole with installing 6 MW offshore wind turbines, resulting in the oil equivalent of 88 barrel/day worth in electricity/hydrogen:

    https://deepresource.wordpress.com/2017/01/07/gold-mine-north-sea/

    Europe!

  3. dissident on Mon, 1st Jan 2018 10:31 am 

    It set a local record and a pathetic one at that. Get back to us with some real news and not this pump and dump propaganda.

  4. CAM on Mon, 1st Jan 2018 12:48 pm 

    So,we are depleting the reserves at a record pace. Well, that must be good!!

  5. MASTERMIND on Mon, 1st Jan 2018 1:10 pm 

    The Great Depression 1929-1940 Economic Growth GDP (1%)
    https://en.wikipedia.org/wiki/Great_Depression

    The Great Recession 2006-2017 Economic Growth GDP (1.5%)
    https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/

    The Great Recession 2006-2017 Economic Growth GDP Per Capita (0.4%)
    https://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG?locations=US

    OCED Economic Growth GDP Per Capita 1970-2015 (0.5%)
    https://imgur.com/a/HXBkr#Bv4I4AF

  6. Anonymous on Mon, 1st Jan 2018 1:20 pm 

    This place is going to be fun when the US breaks the all time oil record!

    https://www.youtube.com/watch?v=YKUOB8MN4Kc

  7. Duncan Idaho on Mon, 1st Jan 2018 1:32 pm 

    69 million barrels per month.

    Not even a days worth of production for the USA.

  8. MASTERMIND on Mon, 1st Jan 2018 1:47 pm 

    The US Shale Business is “not profitable” and can’t fund itself whether oil is at 100 or 50 dollars a barrel
    https://imgur.com/a/t7ulB

    MIT Technology Review: Shale Oil Will Boost U.S. Production, But It Won’t Bring Energy Independence
    https://www.technologyreview.com/s/507446/shale-oil-will-boost-us-production-but-it-wont-bring-energy-independence/

    The world’s largest oil trader Vitol says US oil production will peak in 2018
    https://www.reuters.com/article/us-commodities-summit-vitol/u-s-oil-output-may-be-set-for-last-spike-in-2018-vitol-idUSKBN1CF1MZ?rpc=401&

  9. MASTERMIND on Mon, 1st Jan 2018 3:45 pm 

    Annoymouse

    Your home is going to be fun when society collapses and goons break in your door and breed your daughter/wife right in front of you!

  10. Davy on Mon, 1st Jan 2018 4:09 pm 

    Nony, the anti-Americans will need lots of antacids when that day comes. The thought of the US upping something is horrible thought for them. I will enjoy the day too. That day will be really nothing special though. It’s downhill soon and possibly rapidly but poor bastard anti-Americans may lead the way. Fancy that! Lol.

  11. Anonymous on Mon, 1st Jan 2018 4:40 pm 

    https://www.youtube.com/watch?v=Zq9gy6MFrl4

  12. MASTERMIND on Mon, 1st Jan 2018 4:51 pm 

    As M. King Hubbert (1962) shows, Peak Oil is about discovering less oil, and eventually producing less oil due to lack of discovery.
    https://imgur.com/a/6dEDt

    IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Saudi Aramco CEO sees oil supply shortage coming as investments, discoveries drop
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

    Peak Oil Vindicated by the IEA and Saudi Arabia

  13. Boat on Mon, 1st Jan 2018 4:55 pm 

    MM,

    I bet you and your peer added shytnaniganes predictions are wrong. The US will grow production 1mbpd in 2018 and be oil net independent by 2023. Btw, no friggen crash to be seen.

  14. GregT on Mon, 1st Jan 2018 5:28 pm 

    By the looks of things, 2018 is ramping up to be even more stupid here on PO.com than 2017 was.

    A certain group of individuals, who coincidentally, all happen to reside in the same tax farm, are already out in full farce.

    Great job guys! Keep up the good work!

  15. Makati1 on Mon, 1st Jan 2018 5:43 pm 

    Greg, they don’t have a real life. The comments I have read between New Years celebrations are even more stupid/delusional/denialist then last year’s, if that is possible.

    It is definitely going to be an exciting year in the tax farm country and another step down for me here. I look forward to it. Take care.

  16. Davy on Mon, 1st Jan 2018 5:53 pm 

    the dellusional old man and his enabling stalker friend will be back too to ensure we have whole pages of stalking and pricking nonsense just like 2017. SAD

  17. MASTERMIND on Mon, 1st Jan 2018 6:14 pm 

    Boat

    From oil slick to tyranny

    https://extranewsfeed.com/from-oilslick-to-tyranny-e35d04b31fc3

    The IEA is grossly overestimating shale growth

    https://oilprice.com/Energy/Oil-Prices/The-IEA-Is-Grossly-Overestimating-Shale-Growth.html

    Oh the US will be independent by 2023! Independent nations under Martial Law! LOL

  18. MASTERMIND on Mon, 1st Jan 2018 6:19 pm 

    Greg

    I know you are right our country is nothing more than a tax farm. And we are all brainwashed idiots. And you are so enlightened and more advanced in your bug out village you learned about on the Alex Jones website..

  19. GregT on Mon, 1st Jan 2018 6:45 pm 

    There are very good reasons why you were banned from the member’s forums MM, being a brainwashed idiot is only one of them.

  20. MASTERMIND on Mon, 1st Jan 2018 7:22 pm 

    GregT

    There are no good reasons to ban anyone from speaking. That’s called bigotry..I present nothing but scholarly and mainstream articles and know more about peak oil than anyone on this site. My post history proves that. And what exactly am I brainwashed into believing? I am not one always accusing other people of being crazy or brainwashed like you Greg. I think you and Madkat are just projecting. to this blog except for petty insults. Where are all your sources greg? where are all your studies?

  21. MASTERMIND on Mon, 1st Jan 2018 7:24 pm 

    Greg

    I am sorry I didnt grow up with a rich father like you who worked for the Government. You have never worked a hard job I bet in your life..

    Survivorship bias or survival bias is the logical error of concentrating on the people or things that made it past some selection process and overlooking those that did not, typically because of their lack of visibility. This can lead to false conclusions in several different ways. It is a form of selection bias.

    Survivorship bias can lead to overly optimistic beliefs because failures are ignored, such as when companies that no longer exist are excluded from analyses of financial performance. It can also lead to the false belief that the successes in a group have some special property, rather than just coincidence (correlation proves causality)..

    https://en.wikipedia.org/wiki/Survivorship_bias

  22. GregT on Mon, 1st Jan 2018 7:34 pm 

    “and know more about peak oil than anyone on this site.”

    You are nothing less than completely full of shit. A spammer, a troll, and a brainwashed idiot.

  23. MASTERMIND on Mon, 1st Jan 2018 8:12 pm 

    Greg

    How am I spamming when I am not making any money? My sources speak for themselves..Don’t get mad at me because you are an old demented paranoid loon who bugged out away from society.

    Survivorship bias or survival bias is the logical error of concentrating on the people or things that made it past some selection process and overlooking those that did not, typically because of their lack of visibility. This can lead to false conclusions in several different ways. It is a form of selection bias.

    https://en.wikipedia.org/wiki/Survivorship_bias

  24. MASTERMIND on Mon, 1st Jan 2018 8:13 pm 

    Greg

    How am I brainwashed? You won’t answer that question? Just an Ad Hom attack from a demented old man!

  25. Boat on Mon, 1st Jan 2018 8:16 pm 

    MM,

    You have much in common with a long list of commentators predicting mad max scenarios. Good luck with that.

  26. MASTERMIND on Mon, 1st Jan 2018 8:54 pm 

    Boat

    The limits to growth study was not a “Prediction” it was a mathematical computer simulation. So global economic collapse is a mathematical certainty. See (Turner, 2014)

    http://rspb.royalsocietypublishing.org/content/280/1754/20122845

  27. fmr-paultard on Mon, 1st Jan 2018 9:09 pm 

    ((mast)) i acknowledge your momumental effort in the quest to attain supertard status. if any consolation, it’s the journey not the destination.

    but i welcome you to the team. you are instrumental in destroying the alt-tard media and i love that.

  28. Makati1 on Mon, 1st Jan 2018 9:50 pm 

    “The first of three phases of The Great Leveling, already here now in its ugly early stages — where just about everybody, but everybody, here in the States will spiral downward to land (or crash) on a similar figurative flattened plane — is very apt to prove to be the most painful of the three. …

    Phase 2 will be waking up after hitting bottom, which most of us are going to do. Forget about The Rapture or some convenient meteor hit blotting out our sun. There will be no bailing out for us during this period — short of suicide, which is highly ill advised. That’s not a morality statement. Little of this event is about morality.

    Still, once it’s all over, not one existing ideology today is assured of remaining completely intact — our psychological conversion will have been that far-reaching.” Middle Class to serfs/slaves.

    https://www.groundreport.com/the-great-leveling-phase-1/ (2008)

    “… suicides, which are sure to become all but epidemic not too far down the road ….”

    https://www.nytimes.com/2016/04/22/health/us-suicide-rate-surges-to-a-30-year-high.html (2016)

    “Drug and alcohol use will increase exponentially, particularly the former.”

    https://www.cnbc.com/2017/10/27/us-drug-overdose-deaths-topped-60000-in-2016.html

    “Climate change isn’t going away. Weather changes may seem benign, but aren’t. We can almost assuredly expect to get blindsided by deadly weather aberrations.”

    https://www.yahoo.com/news/2017-may-set-time-record-103333148.html (Weather disasters)

    The article goes on about things we are now seeing in the US. It is mixed in with a lot of touchy/feely BS, but otherwise a good guide for the Great Leveling under way in the US. We appear to still be in the 1st stage. More to come.

  29. deadly on Mon, 1st Jan 2018 10:02 pm 

    If you look at the historical production charts at the Texas gov site, Texas RRC, the stats are there, you will see that what has been done is nothing short of remarkable.

    The 1950s and the 1970s were in the billion barrel mark for one year of production. The late 90s had production levels that were close to the production level in 1941.

    http://www.rrc.state.tx.us/oil-gas/research-and-statistics/production-data/historical-production-data/crude-oil-production-and-well-counts-since-1935/

    Shows 80 years of production that doesn’t slow down that much.

    It appears as though Texas is a dependable source for crude oil, looks that way, even from up here on Mars.

    They know how it gets done.

    It is often said that it is better to remain silent and thought a fool than to speak up and remove all doubt.

    I’ll try not to make a fool of myself, but probably will succeed anyhow.

    There is no doubt in my mind that MasterMind is definitely the smartest person on the planet. One incredible mind, Noam Chomsky makes phone calls to MasterMind and asks for advice on anything, especially psycholinguistics.

    It is amazing how much intelligence MasterMind has.

    Stephen Hawking used to be the smartest man alive, but no more.

    We all now know who has the smartest mind on earth.

    It is no longer a secret.

  30. Makati1 on Mon, 1st Jan 2018 10:12 pm 

    “…Permian liquids production exceeded 484 million barrels, …”

    And the NET energy supplied by those barrels of ‘flammable liquids’ is …?

    I’m waiting….

    Oh! It is much less than the same number of barrels of real, 100% light, sweet, petroleum. How interesting! No lies or fake news intended, is there? LMAO

  31. fmr-paultard on Mon, 1st Jan 2018 10:13 pm 

    if it wasn’t for supertard ((haber bosch)). there wouldn’t be eurotard, SENTAPBs, and aswang. virtual farming wouldn’t do it.

  32. MASTERMIND on Mon, 1st Jan 2018 10:23 pm 

    Madkat

    You are so jealous of the USA. Because your country is a gook infested shit hole! Which you deserve!

  33. Go Speed Racer on Mon, 1st Jan 2018 10:36 pm 

    I don’t quite understand this societal collapse stuff.

    After society collapses, and I take my 1978
    Lincoln Continental and pull in at the drive-in,
    will they have only hamburgers and no more
    cheeseburgers?
    Or what’s really gonna happen, only
    vanilla milkshakes cause they ran out of
    chocolate? Will the service be lousy?
    Ran out of ketchup?
    Ya can’t tell me there won’t be any 1950’s music
    cause really any computer will play that for free.

    I can’t handle this societal collapse thing,
    cause damn I so hate vanilla milkshakes.

  34. MASTERMIND on Mon, 1st Jan 2018 10:40 pm 

    The Great Depression 1929-1940 Economic Growth GDP (1%)
    https://en.wikipedia.org/wiki/Great_Depression

    The Great Recession 2006-2017 Economic Growth GDP (1.5%)
    https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/

    The Great Recession 2006-2017 Economic Growth GDP Per Capita (0.4%)
    https://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG?locations=US

    OCED Economic Growth GDP Per Capita 1970-2015 (0.5%)
    https://imgur.com/a/HXBkr#Bv4I4AF

    *Note: 20% GDP Includes (FIRE) finance, insurance and real estate

  35. Cloggie on Mon, 1st Jan 2018 11:34 pm 

    “I present nothing but scholarly and mainstream articles and know more about peak oil than anyone on this site. My post history proves that.”

    You have a small repertoire of mainly old and obsolete articles and this Google idiocy, not even Google believes, as Google is one of the largest buyers of renewable energy.

    Your goal is sensationalism and you post your set of articles in every thread, which makes you a spammer, not a debater.

  36. Davy on Tue, 2nd Jan 2018 4:34 am 

    Mad kat is playing games with his references and links. What a typical extremist agendist. FRAUD

    “is very apt to prove to be the most painful of the three. …”
    What is the first phase mad kat? You are telling us how painful it is but maybe you might want to explain. You are being intellectually sloppy.

    “Phase 2 will be waking up after hitting bottom, which most of us are going to do.”
    Asia is set for a worse end because of extreme overshoot. You P’s is the worst in this respect being a small Island with 100MIL people and a net importer of food.

    Still, once it’s all over, not one existing ideology today is assured of remaining completely intact — our psychological conversion will have been that far-reaching.” Middle Class to serfs/slaves.
    It means starvation in the P’s. Being a serf is better than dying.

    “… suicides, which are sure to become all but epidemic not too far down the road ….” https://www.nytimes.com/2016/04/22/health/us-suicide-rate-surges-to-a-30-year-high.html (2016)”
    Mad kat, now you are putting down something that is not in the referenced article. That is intellectually dishonest. IOW, you are a liar.

    “Drug and alcohol use will increase exponentially, particularly the former.” https://www.cnbc.com/2017/10/27/us-drug-overdose-deaths-topped-60000-in-2016.html”
    Mad kat, more lying. That referenced one liner is not even in your referenced link.

    “Climate change isn’t going away. Weather changes may seem benign, but aren’t. We can almost assuredly expect to get blindsided by deadly weather aberrations.” https://www.yahoo.com/news/2017-may-set-time-record-103333148.html (Weather disasters)”
    Mad kat, again the words are not in your reference. You are lying mad kat.

  37. Davy on Tue, 2nd Jan 2018 4:40 am 

    “Oh! It is much less than the same number of barrels of real, 100% light, sweet, petroleum. How interesting! No lies or fake news intended, is there? LMAO”
    Mad kat, it mixed in refineries quite well with heavy liquids. Rock and Nony have explained this process or were you sleeping? You are pissing in the wind again. You don’t even know what net energy is anyway. Net energy in your mind is almost always zero for Americans and 100 for Asians. FRAUD

  38. Davy on Tue, 2nd Jan 2018 4:42 am 

    “Your goal is sensationalism and you post your set of articles in every thread, which makes you a spammer, not a debater.”

    That is the pot calling the kettle black. LMFAO.

  39. MASTERMIND on Tue, 2nd Jan 2018 7:01 am 

    Davy

    Only a small number of refinires can process shale. And it has to be mixed with heavier oils..Rockman is a shill and an idiot he posts links from the Daily caller…That is your expert? LOL I ran him the fuck out of town that is why he no longer comments.

  40. MASTERMIND on Tue, 2nd Jan 2018 7:01 am 

    Contrary to much rhetoric around it, shale is not a recent discovery. Shale has a significant history, and one that clearly demonstrate the material realities on which it rests. Indeed, encouraging shale production was one response to the oil price shocks of the 1970s. Wanting to reduce American dependence on foreign oil, the Carter administration initiated a programme to develop ‘synfuels’ that focused first and foremost on shale.

    This shale project attracted significant investment from oil companies, and production began in the late 1970s in the Green River Formation, which straddles Colorado, Wyoming and Utah and contains the largest shale oil deposits in the world. But when the price of oil crashed in 1982 at a time of relatively high interest rates these projects were rendered unviable. (Hirsch et al. 2005) (Yergin 2012)

    -Thompson, Helen. Oil and the Western Economic Crisis

  41. MASTERMIND on Tue, 2nd Jan 2018 7:03 am 

    The evidence from what has happened between 2011 and 2016 is that there is now no possibility of an equilibrium oil price that would simultaneously keep large-scale shale production viable, allow sufficient market share for conventional oil producers, and allow western and emerging market economies to grow at the rates to which their governments aspire. If this problem were not in itself acute enough it has emerged in a world that has left monetary normalcy behind. What had initially offered down its bypaths an at least medium-term remedy to the oil supply problem has proved the road to more profound economic dysfunctionality.

    Thompson, Helen. Oil and the Western Economic Crisis (Building a Sustainable Political Economy: SPERI Research & Policy) Springer International Publishing

  42. Davy on Tue, 2nd Jan 2018 9:45 am 

    “Davy, Only a small number of refineries can process shale. And it has to be mixed with heavier oils..”

    Ahh, that what I said minus the “small”. Do you have references and links for “small” part?

  43. Davy on Tue, 2nd Jan 2018 10:05 am 

    mm, from your link
    “Tight oil is ultra-light and can only be used in special refineries, most of which are in the U.S.”
    https://tinyurl.com/y7gxspj8

    “Davy, Only a small number of refineries can process shale. And it has to be mixed with heavier oils..”

    mm. “small” and “special” are two different words. You are not telling how “small” “special” means.

    BTW, “Chevron CEO warns US shale oil alone cannot meet the world’s growing demand for crude”
    I never said shale can meet worlds growing demand.

  44. Boat on Tue, 2nd Jan 2018 1:22 pm 

    Make it simple. Fracking has led to net 4 mbpd imports vrs 12 mbps. Fracking also lowered the price of fuel world wide by close to half for years. Let’s all quickly bow to big fracking for our blessings.

Leave a Reply

Your email address will not be published. Required fields are marked *