A PetroChina test oil well at a shale field in western China could finally mean a strong commercial potential for shale oil for the first time in the world’s top crude importer, according to Morgan Stanley.
PetroChina achieved a daily production rate of 100 tons of oil, or 733 barrels, from the Jimsar oil field in the western Xinjiang province, which suggests that shale drilling could finally have a true commercial potential in China, Bloomberg quoted a Morgan Stanley note as saying.
“We believe the Jimsar shale oil discovery is likely to trigger China’s shale oil revolution,” Morgan Stanley analyst Andy Meng wrote in the report.
The potential for more drilling would likely increase capex for shale this year and benefit onshore oilfield service companies, the investment bank said.
The shale boom in China, however, would be just a fraction of the U.S. shale revolution—Morgan Stanley expects Chinese shale oil production could be 100,000 bpd-200,000 bpd by 2025, which is nothing compared to the millions of barrels of oil pumped in the U.S. every day. According to EIA estimates, the seven key shale regions in the U.S. produced 8.117 million bpd in January, and a 62,000-bpd increase is expected for February.
China’s biggest energy producers have started to tap more tight oil and gas wells recently, aiming to increase domestic oil and natural gas production at the world’s largest crude oil importer.
As part of a government push to boost domestic energy supply, China National Petroleum Corporation (CNPC) and Sinopec are raising investments to increase local oil and gas production and are accelerating drilling at tight oil and gas formations in western China, the companies said last year.
Oil demand continues to grow in China, while domestic production has been declining in recent years due to the depletion of mature conventional oil fields. This has led to additional—and costly—imports, making China the world’s largest crude oil importer. Chinese President Xi Jinping has ordered the state-held companies to boost domestic production of oil and gas, and firms are starting to follow the policy.
Free Speech Message Board on Tue, 19th Feb 2019 10:01 pm
Americans scream for their chains.
Americans are so fearful, brainwashed, dependent, or ignorant that they think like children and justify every law and overlook every abuse carried out by the government. They believe government workers are kind gods who can do no wrong. Americans would rather blame the victim of government abuse than the government. Americans feel that the government can run their lives better they can and that safety is more important than freedom.
Americans feel that the correct response to tyranny is surrender. Americans believe the only ones who support freedom are pedophiles, hippies, retards, foreigners, terrorists, faggots, spammers, trolls, shills, bots, racists, junkies, CIA employees, traitors, nutjobs, Communists, or Fascists. Americans think freedom only benefits other people. Americans believe that they will never be a victim of tyranny. Americans think the only possible way to solve any problem is force.
Americans are so fat, degraded, and drugged up that they eagerly allow themselves to be molested to ride a bus, offer their fingerprints to get a driver license, and open their bags to be searched so they can ride a subway.
If Americans are asked about the US debt, they respond that it doesn’t matter because it is not real money and doesn’t need to be paid back. Americans say the USA should start a trade war because there might be a war. Americans say tax breaks are theft. Americans think the post office should lose money. Americans believe roads would turn to dirt and people would be forced to ride horses if there was a smaller government. Americans insist government decrees made the USSR successful. Americans feel countries are strong when white people are dead. Americans believe the US always had seatbelt checkpoints and TSA groping. Americans say revolting against the British was a huge mistake. Americans say interstate trade should be banned. Americans believe Americans do not live in the USA. Americans say those who love freedom do not use cash. Americans insist that the US didn’t have black people before today.
Americans say taxes are too low. Americans think private corporations print the US dollar. Americans say building fewer houses indicates a booming economy and leads to lower home prices. Americans believe the government should set a maximum wage. Americans think unemployment is high because people are working two jobs. Americans believe North America was uninhabited before the Europeans arrived. Americans say Jesus was immoral.
Americans claim that they will start a blog when the US shuts down the Internet. Reporters are being arrested now, but Americans say reporters are never arrested. Americans say the US cannot revoke passports because Americans are dual citizens. Americans say cellphones cannot be wiretapped. The USSR had concentration camps, but Americans say the US could never afford them. Americans say high gas prices are not a problem because the US has unlimited oil.
Americans think the homeless should be beheaded. Americans insist that you can’t have a society without concentration camps. Americans say everyone would be a slave if there was no minimum wage. Americans like low priced imports, but think companies are evil for off-shoring jobs. Americans say choosing to work for a wage means that you are exploited. Americans think those who oppose taxes support slavery. Americans believe being forced by the government to serve every customer means freedom. Americans feel everyone would be raped, stabbed, or shot by homosexuals if the US was a free country. Americans think people should be arrested for withdrawing money from their own bank accounts because they might do drugs. Americans say beer taxes should be raised to stop people from drinking. Americans don’t mind having their faces scanned for a facial recognition database. Americans think the US had freedom because it became rich first instead of getting rich because it had freedom. Americans say responsibility means obeying unconstitutional laws.
Americans believe aluminum prices are cheap because the world is flooded by WWII salvage. Americans think tyranny that happened last week is no longer relevant. Americans scream facts are lies. Americans claim politics is not news. Americans believe living in a police state means freedom. Americans say good is evil. Americans believe gold is more abundant than silver. Americans think illegal immigrants should get welfare. Americans believe making a profit is theft. Americans think only white people are allowed to have freedom. Americans believe learning history and rebelling means that you will remain a delusional puppet of the police state. Americans insist that they live in a free country if they can get away with breaking laws. Americans think being dependent on food stamps means freedom. Americans think tyranny is acceptable if you live in a republic. Americans say the government should decide what the truth is instead of the media.
Americans think police officers who don’t arrest suspects should be executed. Americans feel that computers should be outlawed because technology and high productivity leads to low wages and low prices. Americans believe the police state is necessary because dangerous machines and chemicals exist. Americans will say that the USA is collapsing because there is too much freedom.
Americans think people should be arrested for feeding the homeless. Americans think car owners should be jailed for warming their cars in their own driveways. Americans say the police should be allowed to shoot unarmed people in the back. Americans think porn should be banned because naked pictures destroy society. Americans believe the government should force them to buy things. Americans say the government should increase housing regulations to make rents unaffordable for black people.
Americans think the government should force car companies to install airbags that deploy with knives inside to kill drivers so that they will drive carefully. Americans believe people should be jailed for filming public buildings. Americans think endless wars are fine because US bombs are just gathering dust. Americans support government secrecy because the USA has enemies. Americans think taxes create more jobs than the free market can. Americans think government workers deserve high wages because they work hard. Americans feel that the economy should be destroyed to save the environment. Americans say that regulations encourage people to start companies.
Americans feel that everyone accused of crimes are guilty. Americans say people should be in prison to keep the unemployment rate down. Americans would rather increase punishments for victimless nanny state laws instead of repealing them. Americans think the desires of neighbors are more important than the rights of property owners. Americans believe the government owns everything because the government is the people.
Americans think billboards should be banned to protect the scenery. Americans want protesting to be outlawed because protesters might break windows. Americans think forcing people to stand for the national anthem means freedom. Americans say people are helpless so they need the government to force them to do everything. Americans would think a president who wants to restore the Constitution is a dictator.
When asked about gun control, Americans say it’s needed for safety. If asked about free speech, Americans respond that no one should be offended. Americans think Muslims don’t have religious rights because Islam is not a religion. Americans say asset forfeiture is fine because the police have been doing it for years. Americans defend NSA wiretapping because it’s just metadata. Americans believe being molested by the TSA is good since they have nothing to hide. Americans say torture is okay because other countries do it. Americans even say the Bill of Rights should be abolished because George Washington owned slaves!
The collapse of the USA is disgusting and shameful.
Those who still support the government are just tools for the elites.
The US deserves everything coming to it.
http://dailycaller.com/2013/06/11/majority-of-americans-support-nsa-phone-surveillance/
http://www.nydailynews.com/news/national/poll-finds-americans-tsa-pretty-good-job-airport-security-article-1.1133763
https://www.churchmilitant.com/video/episode/vortex-islam-is-not-a-religion
http://dailycaller.com/2014/12/17/poll-finds-americans-overwhelmingly-support-torture/
http://dailycaller.com/2017/08/15/its-time-to-blow-up-mount-rushmore/
http://www.ign.com/boards/threads/arizona-republicans-vote-to-give-police-powers-to-arrest-people-planning-peaceful-protests.454930749/
http://www.badharvest.net/forum/viewtopic.php?pid=188832#p188832
Cloggie on Wed, 20th Feb 2019 4:26 am
There are still loons here, like mobster, who believe that the world will run out of fossil fuel soon. China is now beginning with fracking, Russia and Australia have yet to begin. But the largest fossil fuel reserves, gigantic reserves, are below the North Sea:
https://deepresource.wordpress.com/2015/04/07/fracking-is-for-amateurs/
Robert Inget on Wed, 20th Feb 2019 6:02 am
GAS, Not oil.
https://www.expressandstar.com/news/uk-news/2019/01/29/major-north-sea-discovery-announced-by-oil-and-gas-companies/
Antius on Wed, 20th Feb 2019 6:04 am
Personally Cloggie, I think Mob is closer to the truth on fossil fuel depletion than you are. The use of fracking to exploit tight oil deposits, with its lower energy return and dependence on almost free capital; is a sign of weakness, not strength. Does anyone seriously believe that we would be resorting to measures of this kind, if conventional reserves were abundant?
I would also point out that there is evidence to suggest that shrinking energy returns on fossil fuel production are directly responsible for declining prosperity in western countries. Debt levels have risen dramatically over the past decade and disposable income has collapsed. The next global financial crisis is not far away.
Ask yourself: what sort of economy needs to price credit beneath inflation?
Cloggie on Wed, 20th Feb 2019 7:36 am
Antius, when I say that the world has for centuries fossil fuel left, I say nothing about the price level of said fossil fuel.
There is more han enough fossil fuel left to setup a renewable energy base. The higher the price of fossil fuel, the faster the transition will proceed.
Again, there are up to 23 trillion tol of coal below the North Sea or 50 times or so the amount of fossil fuel, cumulatively used by humanity, throughout history. That coal can easily be gasified. You and mobster are plain wrong about peak fossil supply.
https://deepresource.wordpress.com/2015/04/07/fracking-is-for-amateurs/
Davy on Wed, 20th Feb 2019 7:46 am
“The higher the price of fossil fuel, the faster the transition will proceed.”
Complete nonsense clogged. That statement is very general and simpleton. There is a range of reaction to higher and lower fossil fuel prices. Within this range the high end could stop the transition in its tracks with economic disruption. The low end also makes the cheaper fossil fuels a more competitive choice. There are different fossil fuels to look at. Renewables need a healthy economy where good choices can be made based upon positive long term ROI not desperation from policy or price pressure.
“Again, there are up to 23 trillion tol of coal below the North Sea or 50 times or so the amount of fossil fuel, cumulatively used by humanity, throughout history. That coal can easily be gasified.”
A worn out comment if I ever heard one. You say that about once a week and each time it resonates how little you respect reality and how much you push false hope and fantasy. Coal gasification is not easy. It is messy and your example doubly problematic being under the waves.
Antius on Wed, 20th Feb 2019 8:42 am
“Antius, when I say that the world has for centuries fossil fuel left, I say nothing about the price level of said fossil fuel.”
The problem is that price is not a metric that can increase without consequence to the real economy. Prices today are low compared to 2008-2014; but very high compared to the 1990s. It takes a certain amount of energy to produce a unit of wealth. Therefore in the long run, higher prices mean lower prosperity. Higher prices are basically a reflection of scarcity, or in the case of fossil fuels, declining net energy return.
What Heinberg and others missed back in the early 2000s, was the potential for politicians and economists to kick the can down the road with monetary measures, i.e. by reducing interest rates to near zero values and pumping huge amounts of money into the system. This kept the party going for at least another decade; but it did so at the expense of trashing long-term returns on investment and building up debts that could never be repaid. Unfortunately, after 10 years of ZIRP and quantitative easing; large numbers of businesses in the western world are now zombie companies which would not remain in business if financial conditions returned to normal. ZIRP and QE are masking the effects of net energy decline for many people, but the these measures cannot continue forever.
Collectively, the people in charge pissed away the resources and time that could otherwise have been used to develop more sustainable systems. Very soon we sit down to a banquet of consequences.
Outcast_Searcher on Wed, 20th Feb 2019 11:06 am
Antius, you live in a world of delusion. Looking at FED data, the US median household income numbers look about the best on a debt vs. income level that is has in a decade. In Sept. 2018, it was announced it reached over $61,000 a year for 2017, up 3 years in a row.
Over the last decade, the deposits in all US commercial banks, having climbed pretty steadily, reached about $12.5 trillion, up over $5 trillion in the last decade.
Looking only at debt without context and braying about doom is meaningless.
Outcast_Searcher on Wed, 20th Feb 2019 11:07 am
Free Speech: Take your meds, and try to stay at least REMOTELY on topic. Or is this simply spam? Either way, not at all impressive.
Davy on Wed, 20th Feb 2019 11:52 am
“In Sept. 2018, it was announced it reached over $61,000 a year for 2017, up 3 years in a row.”
Yea, os, the top income classes skew that rosy picture. There is a whole lot of disenfranchised people out there.
Go Speed Racer on Thu, 21st Feb 2019 3:26 am
We will never run out of fuels to burn.
When we burn garbage for energy, we can
dig up old landfills and set them on fire.
This is why Peak Oil is incorrect.
We have an unlimited supply of garbage.
And we can run our cars on garbage, provided
they are equipped with a woodstove
in the passenger seat, and a chimney
where the sunroof used to be.
Anonymouse on Thu, 21st Feb 2019 4:44 am
If things get really down the wire Go Speed, we can always melt down our Waylon Jennings Platinum collection on LPs and cassettes. Lot of oil to be recovered there. Those will probably be amoung the last to go into the incinerators though, second to only Nester Pistors greatest hits.
Davy on Thu, 21st Feb 2019 5:10 am
anon, do you ever comment on topic or are you just here to game?
makati1 on Thu, 21st Feb 2019 6:55 am
“Very soon we sit down to a banquet of consequences.”
Anon, the table is being set. The guests are in the parlor waiting for the event to begin. The stats posted on the USMSM propaganda sites are pure fiction. The real GDP in the US has not grown in at least a decade and likely much longer. Real GDP is about half that published. Inflation is really 3-4 times that posted, if you count necessities like, medical expenses, food and energy. Purchasing power of the average US income is contracting and has been for 40 years.
In the 70s, I raised a family of six on my salary alone. We had a good middle income (~$30,000/yr) lifestyle, two cars, a nice home, a week at Atlantic City every summer, etc. Those days are long gone in America. That is a $100,000+/yr income now.
That ‘can kicking’ was not expected by rational thinkers 18 years ago. Desperate measures for desperate times, but time is running out. The road ends at a titanium wall. (Not the one Trump wants to build. lol) When the SHTF this time, there will be no recovery, not even a fake one like in 2008. When the government has to cut the entitlements or end them totally, (yes, even SS.) the real 3rd world America will be on display to the world. The migration will be out of the US. Maybe that is why Trump wants the wall? To keep the tax slaves in? I think so. Get out of Dodge now!
print baby print on Thu, 21st Feb 2019 7:01 am
Outcast what else is written in fed report hahahhha