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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

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(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

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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

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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 […]


The Dead Cow Finally Produces Oil, a Century After Its Discovery

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Along the western edge of Argentina’s Patagonia, on an arid steppe nestled against the Andes mountains, lies a shale formation known as the Vaca Muerta. And ever since engineers confirmed what an American geologist suspected a century ago — that the Vaca Muerta, or dead cow, contains massive amounts of oil and gas — the […]


New Oil and Gas Discovery in Norwegian Sea

Geology

Equinor, along with its partners Ineos E&P and Faroe Petroleum, have made an oil and gas discovery in the Norwegian Sea through the Snadd Outer Outer/Black Vulture exploration well. Gas was proven at the well’s first target, Snadd Outer Outer. Further drilling to the second target, Black Vulture, hit oil. The well volume totals 3 […]


OPEC May Production Data

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The below charts, unless otherwise noted, were taken from the OPEC Monthly Oil Market Report. The data is through May, 2019 and is in thousand barrels per day. OPEC crude only production was down 236,000 barrels per day in May but that was after April production had been revised upward by 82,000 bpd. Iranian April […]


Helium is a finite resource—who knew?

Geology

Almost precisely 10 years ago I wrote about the likelihood of a shortage of helium in the not-to-distant future in a piece entitled “Let’s party ’til the helium’s gone.” Last week worries about a helium shortage appeared in my news feed. It seems that we are indeed going to party ’til the helium’s gone as […]


Exxon Mobil makes new oil discovery offshore Guyana

Geology

Exxon Mobil Corp said on Thursday the U.S. oil major along with its partners have made an oil discovery offshore Guyana, which adds to the previously estimated 5.5 billion barrels of oil-equivalent. The discovery was in the Turbot area of Stabroek Block, which is expected to become a major development hub, Exxon said. This is […]


To Peak or Not to Peak? That is the question.

To Peak or Not to Peak? That is the question. thumbnail

A lot has been written about Peak Oil recently – perhaps more in comments than in WUWT articles themselves – and the “Not to Peak”-ers seem to be in the ascendancy. In other words, the opinions that “Peak Oil” is a fantasy and/or oil production will keep increasing for a century or more seem to […]


Remember Peak Oil? It’s back!

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© Back in 1950, everyone thought the oil would last forever. / Hulton Archive/Getty images It seems that the biggest Saudi field is losing its punch. Years ago we used to talk a lot about peak oil, the prediction made by M. King Hubbert that the easy oil was going to run out, that it […]


What Saudi Aramco’s Bond Prospectus Reveals About Its Oil Reserves

Geology

On Sunday night, the Saudi Arabian national oil company, Saudi Aramco, released its bond prospectus ahead of roadshows in New York and London. The company recently agreed to purchase Saudi petrochemicals company SABIC for $69 billion and is selling $30 billion in bonds for the down payment on this purchase. The bond prospectus reveals new […]


Huge Oil Reserves Could Be Found In Pakistan

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Pakistan oil reserves, believed to be located in the off the coast of Karachi could possibly make the nation a major player in the oil industry. Speculation about the oil reserves in Pakistan have been floating around for months now, and it seems that each day brings the country closer to finding what could be […]


Peak Oil? What Peak Oil

Geology

We talked about this just a few weeks ago: for investors, how to value a company based on reserves? Rigzone weighs in. The article doesn’t answer that question. In fact, the article hardly addresses that question. Instead, the article is about global reserves in general. Data points: current estimated global oil reserves: 1.7 trillion bbls […]


It’s Not Just The Permian. Super Basins Are A Global Phenomenon

Geology

Forget what you may have heard. Fossil fuels aren’t going anywhere. There is a lot of excitement, and deservedly so, about renewables, but the foundation of our energy supply is and will continue to be hydrocarbons for at least the next few decades. There are several reasons for that, but an important part of the […]


How Much Oil Does Saudi Arabia Really Have?

Geology

Officially, Venezuela has the world’s largest crude oil reserves with 303 billion barrels of proved reserves. In reality, a lot of this oil is extra-heavy crude oil, and may not be economical to produce at prevailing prices. Thus, some portion of Venezuela’s barrels may in reality no longer be in the “proved reserves” category. Consider […]


South Africa Oil Discovery Could Be A Game-Changer

Geology

One of the promising hotspots for oil and gas exploration drilling this year – South Africa’s offshore – has just yielded a massive natural gas and condensate find that could open a new exploration province for oil majors and change the energy fortunes of South Africa. France’s major Total said this week that it had made a […]


A Plague Of Locusts Hits Mecca And Earth’s Magnetic Pole Is Experiencing A “Sudden Shift”

A Plague Of Locusts Hits Mecca And Earth’s Magnetic Pole Is Experiencing A “Sudden Shift” thumbnail

Really strange things are starting to happen all over the world.  We’ll talk about “the North Pole’s sudden shift” later in this article, but first I want to focus on the very unusual event which just took place in Mecca, Saudi Arabia.  A “massive swarm” of thousands upon thousands of black locusts descended upon the […]


New Audit Shows Higher Aramco Oil Reserves

Geology

An independent audit of the crude oil reserve base of Saudi Aramco is expected to result in a slight upward revision of the Kingdom’s oil wealth, Reuters reports, citing a source with knowledge on the matter. The audit is part of preparatory work ahead of Aramco’s once highly anticipated and now indefinitely delayed initial public […]


Most of us are clueless about humanity’s place in the planet’s long history

Geology

The oldest rocks in the Grand Canyon are more than 1.7 billion years old. (Los Angeles Times) For a few weeks each February, small towns pop up like Brigadoons on the ice covering Lake Winnebago, the largest inland water body in Wisconsin. Winnebago is a vestige of the much larger Glacial Lake Oshkosh, which formed […]


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@SRSroccoReport People don't realise that data has an energy component to it, and the exponential growth in data consumption is going to put massive strain on a system that doesn't have any excess capacity to carry out a transition away from #PeakOil when it hits

We’ve gone from #PeakOil to #PikePeeks. #PundyRaunch twitter.com/SizzleBeauty/s…