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How Much Oil and Gas Has Been Found in 2020?

Geology

Global conventional oil and gas discoveries already exceed eight billion barrels of oil equivalent (boe) and are projected to settle at around ten billion boe by the end of the year, according to a new Rystad Energy analysis. About 3.75 billion boe, or 46 percent of total discovered volumes, are gas while liquid volumes are […]


Forecasting the limits to the availability and diversity of global conventional oil supply

Geology

Highlights • We validated model scenarios vs. 11 years of empirical oil production data to reduce uncertainty over future production. • Only model scenarios assuming lower volumes of extractable oil (EUR) were accurate vs. the global production data. • Global conventional oil production peaked in 2005; inclusion of oil from ultra-deep waters has slowed the […]


World Oil Production Outlook

World Oil Production Outlook thumbnail

Peak oil was supposed to have arrived a decade ago, but then the US tight oil boom spoiled the party. Can looking into the rear vision mirror now help us understand what is likely to happen from here? We will find out by going through the last 30 years of production by continent, starting with […]


How much oil left in America? Not much

How much oil left in America? Not much thumbnail

Preface. If you think we have no worries because we can get arctic oil, think again. We can’t because icebergs mow drilling platforms down in the ocean. On land, massive amounts of expensive new drilling rigs, roads, rail lines, platforms, buildings and other infrastructure need to be built, and maintained every year as permafrost soil […]


Are We On The Cusp Of A Global Energy Crisis?

Are We On The Cusp Of A Global Energy Crisis? thumbnail

Goehring and Rozencwajg believe that we are on the cusp of a global energy crisis because of the depletion of U.S. tight oil plays. “We are on the cusp of a global energy crisis…Global energy markets in general and oil markets in particular are slipping into a structural deficit as we speak. We believe that energy […]


The African continent is very slowly peeling apart

The African continent is very slowly peeling apart thumbnail

In one of the hottest places on Earth, along an arid stretch of East Africa’s Afar region, it’s possible to stand on the exact spot where, deep underground, the continent is splitting apart. This desolate expanse sits atop the juncture of three tectonic plates that are very slowly peeling away from each other, a complex […]


Kansas; 1918

Kansas; 1918 thumbnail

This is July 18, 1918 and Kansas Natural Gas Company is in the process of discovering the Elk City Field in Elk County, Kansas. The well name is the Simmons No. 2 and its cable tools had just banged out about 3 feel of Mississipian Limestone at 1,340 feet. When she came in she lauched […]


Bakken, Something About EURs, PDP Reserves and R over P Ratio

Bakken, Something About EURs, PDP Reserves and R over P Ratio thumbnail

Proven reliable methods on the Estimated Ultimate Recovery (EUR) for any well (or other agreed parameter like EUR for the average well of specified vintage populations for plays, fields, companies or other) is crucial to make estimates on remaining Proven Developed Producing (PDP) and Proven UnDeveloped (PUD) reserves which are the linchpins for assets backed […]


Prospect Of Peak Oil Demand Puts Cap On Total Global Oil Reserves

Geology

The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels. Global total expected remaining recoverable oil resources decrease to 1,903 billion […]


Scientists detect unexpected widespread structures near Earth’s core

Geology

  Earthquakes send sound waves through the Earth. Seismograms record the echoes as those waves travel along the core-mantle boundary, diffracting and bending around dense rock structures. New research from University of Maryland provides the first broad view of these structures, revealing them to be much more widespread than previously known. Credit: Doyeon Kim/University of […]


Is This The World’s Next Oil Hotspot?

Geology

By the end of the second quarter of 2020, data from drill bits may tell us whether or not the world has found the next Eagle Ford, and it’s all going down in Africa …  To hear mainstream media tell it, you would think that the oil and gas era is coming to an end. […]


The World Is Running Out of Elements

Geology

Make no mistake: We are running out of elements. As humans have filled in all the corners of the periodic table, each element has resulted in technological innovation. Europium and indium are crucial for televisions and touch screens. Rhenium is necessary in fighter jet engines. And to avoid some of the effects of climate change, […]


US GoM 2019 Summary: Part II – Reserves

Geology

Introduction BOEM produces an estimate of GoM reserves every year. This year’s covers estimates for then end of 2017. Nominally The figures given are 2P estimates but previous analysis has shown them to be extremely conservative, and they strictly follows SEC rules concerning reserves being bookable only if clear development plans are in place. Backdated […]


Is November 2019 the New US Peak Oil Date?

Is November 2019 the New US Peak Oil Date? thumbnail

A post by Ovi at peakoilbarrel. Here I am again reporting on out of date US February oil production from the EIA April report after the world oil environment has been turned on its head. Fortunately the EIA also has some forward looking reports that make use of more current data to provide projections for […]


New Report Confirming Peak Oil “Oil, oil everywhere, too costly to drill”

Geology

Geological Survey of Finland


Democrats Trot Out ‘Peak Oil’ Again, and Are Just as Wrong as Ever

Geology

Just when we thought it was safe to assume a reliable supply of oil due to the miracle of fracking, liberals have come up with a new excuse to shift from fossil fuels to renewables.  They’ve discovered — as everyone invested in oil has known since before the early 2000s — that fracked wells are frontloaded, […]


Largest Oil Fields in the World

Geology

1/ NICOLAS ASFOURI/AFP // Getty Images Largest oil fields in the world Growing climate concerns and commitments to clean energy have done little to curb worldwide oil demand, which in the third quarter of 2019 increased by 1.1 million barrels per day. Experts expect peak oil usage in 2036, with 70% of daily oil usage […]


What Peak Oil? Retreating Arctic Ice Opens Vast Reserves to Russian Drillers

Geology

A bill authored by the Ministry of Natural Resources was in October this year hammered through parliament. It grants oil and gas companies expanded rights to explore resources both in internal and territorial waters and is aimed at lowering the financial burden of the oilmen engaging in the region. «It allows us to increase the […]


Explaining Peak Oil the Easy Way

Explaining Peak Oil the Easy Way thumbnail

(This translates a slightly different article previously posted in Spansih at the author’s blog, The Oil Crash. Translation by Fabricants de Futur.) A reader has written to me to say that she does not completely understand if we have a serious problem with oil or not, and I have written her a long explanation which […]


Technological Change, Depletion, and the U.S. Petroleum Industry

Geology

A common claim in the nonrenewable resource literature is that improvements in technology may largely offset the effects of increasing scarcity over time. This study provides perhaps the first empirical evidence on this issue by analyzing the determinants of the average finding cost for additional petroleum reserves in the U.S. over the 1967-90 period. Using […]


Why the world is running out of sand

Geology

It may be little more than grains of weathered rock, and can be found in deserts and on beaches around the world, but sand is also the world’s second most consumed natural resource. A South African entrepreneur shot dead in September. Two Indian villagers killed in a gun battle in August. A Mexican environmental activist […]


Mapped: The World’s Biggest Oil Discoveries Since 1868

Geology

Mapped: The World’s Biggest Oil Discoveries Since 1868 Oil and gas discoveries excite markets and nations with the prospect of profits, tax revenues, and jobs. However, geological processes did not distribute them equally throughout the Earth’s crust and their mere presence does not guarantee a windfall for whatever nation under which they lie. Entire economies […]


Predicting the Presence of Natural Gas Hydrates Potential in the Maritime Regions of Pakistan

Geology

ABSTRACT This paper provides a feasibility model of using satellite imaging technology to indicate hydrate presence and evaluate gas hydrate saturation trapped in the premises of Pakistan. The study compiles an effort to justify the potential of gas hydrates in Pakistan and their effective extraction. Satellite images of the Arabian Sea are correlated with previously […]


U.S. Oil Reserves and Peak Oil

U.S. Oil Reserves and Peak Oil thumbnail

U.S. Oil Reserves and Peak Oil Trang T. D. Luong Published 2013 DOI:10.5038/2326-3652.4.2.1 Abstract. We use calculus methods to estimate the quantity of U.S. oil reserves. We consider a model that consists of an exponential function with four unknown constants. We fit real oil production data to determine the unknown constants. With the constants determined […]


Peak Oil Postponed… Again: US EIA International Energy Outlook

Peak Oil Postponed… Again: US EIA International Energy Outlook thumbnail

Guest “divestment my @$$!” by David Middleton Jude Clemente rocks! Sep 29, 2019 The U.S. Department Of Energy Says More Oil, More Natural Gas Jude Clemente Contributor Energy I cover oil, gas, power, LNG markets, linking to human development. Numerous energy headlines from this past week alone caught my attention. They perfectly illustrate the massive scale of […]


Renat Muslimov: “Oil, in fact, is endless. It is a renewable energy source”

Renat Muslimov: “Oil, in fact, is endless. It is a renewable energy source” thumbnail

“Oil, in fact, is endless. It is a renewable energy source,” says Adviser to the Tatarstan President on issues of the exploration of oil and gas fields Renat Muslimov, who commented on the results of the Tatarstan Petrochemical Forum to Realnoe Vremya. However, the expert warns against excessive optimism: the industry needs new technologies, and […]


Peak Oil and NTHE–the intersection

Geology

What I’m still trying to do, even in the face of overwhelming evidence. For those joining this site recently–I’ve been writing about Peak Oil and NTHE for seven years. But not intersectionally. If you know about Peak Oil, you can probably skip this. Peak Oil was first defined in 1956 by one M. King Hubbert, […]


Mining

Geology

In this video Paul Andersen explains how mining is used to extract valuable minerals from the Earth’s crust. Surface and subsurface mining are used to extract ore which is then processed. A discussion of ecosystem impacts and legislation is also included.


Aker BP makes oil discovery off Norway

Geology

Norwegian oil firm Aker BP has made an oil discovery off Norway which could strengthen its hand in negotiations with sometimes partner Equinor on how to develop fields. Aker BP, formed from a merger of BP’s Norwegian oil assets and the Det norske oil firm controlled by billionaire Kjell-Inge Roekke, said on Thursday it had […]


Global oil reserves data is muddled, but does it really matter?

Geology

Proved oil reserves, historically a proxy for geopolitical clout and energy security, may be losing their currency in a world set on ushering in the end of the fossil fuel era. The growing acceptance of the climate threat from carbon-rich energy is focusing minds on producing cleaner fuels rather than stockpiling sources of old, dirty […]


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