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GoM Reserve Revisions for 2019

GoM Reserve Revisions for 2019 thumbnail

Overview For 2019 BOEM showed a large increase in remaining reserves of 1.3Gboe,  91% of it oil, from newly discovered oil with Appomattox/Vicksburg and Vito the largest contributors at over 400mmboe each, followed by Buckskin and Kaikias, which are fairly large multi-well tie-backs, and smaller, one or two well  tie-backs of Blue Wing Olive, Constellation, Claibourne, Red […]

How Much of the Worsening Energy Crisis is Due to Depletion?


Coal and natural gas spot prices have recently soared to record levels internationally, while oil is trading at over $80 a barrel—the highest price in seven years. Newspaper columnists are asking whether people in Europe and Asia who can’t afford high fuel and electricity prices might freeze this winter. High natural gas prices are causing […]

China’s Sinopec, CNPC Discover More Oil, Natural Gas Resources


China Petroleum & Chemical Corp., aka Sinopec, has reportedly announced another oil and natural gas discovery in the Tarim Basin. The state-owned company said on Chinese social media that it had discovered 100 million tons of oil and gas resources in the legacy-producing region, according to Reuters. That’s roughly the equivalent of 733 million bbl […]

Iran’s Huge Caspian Gas Find Is A Geopolitical Gamechanger


Iran last week revealed a huge new gas deposit located in the Iranian sector of the Caspian Sea. The ‘Chalous’ structure is to be developed with the intention of forming a new gas hub in northern Iran to complement the southern gas hub centred on the massive South Pars field. The principal named developer of […]

Venezuela’s Oil Reserves Doomed To Become The World’s Largest Stranded Asset


The aggressive push to decarbonize the world economy is forcing big oil to examine how the carbon emissions of its operations can be reduced with a goal of becoming carbon neutral. That coupled with the threat of peak oil demand has seen oil supermajors reevaluate their business strategy, with many now choosing to eschew high-cost […]

The search for the world’s largest methane sources


The threat was invisible to the eye: tonnes of methane billowing skyward, blown out by natural gas pipelines snaking across Siberia. In the past, those plumes of potent greenhouse gas released by Russian petroleum operations last year might have gone unnoticed. But armed with powerful new imaging technology, a methane-hunting satellite sniffed out the emissions […]

Top 12 Recent Gulf of Mexico Discoveries

Top 12 Recent Gulf of Mexico Discoveries thumbnail

Gulf of Mexico (GOM) despite being capital intensive still competes with unconventional for the capital investment. The recent investors pressure, the low oil prices and thrust towards energy transition in wake of climate change has dampened the exploratory efforts but the trend clearly shows that companies that have competitive advantage will continue their exploration and […]

What Is Peak Oil? Have We Reached It?


Peak oil is the theoretical timeline for when domestic or global oil production will hit its maximum rate and begin to decline. It’s the idea that—at some point—the world’s finite quality and quantity of oil will decline to such low numbers that it would no longer be economic to produce. The concept has been the […]

Scientists develop ‘cheap and easy’ method to extract lithium from seawater


Researchers at King Abdullah University of Science and Technology developed what they believe is an economically viable system to extract high-purity lithium from seawater. Previous efforts to tease lithium from the mixture the metal makes together with sodium, magnesium and potassium in seawater yielded very little. Although the liquid contains 5,000 times more lithium than […]

Shell Makes Deepwater Discovery


Shell Offshore Inc, a subsidiary of Royal Dutch Shell plc (NYSE: RDS.A), has announced a “significant” discovery at the Leopard prospect in the deepwater U.S. Gulf of Mexico (GOM). The Leopard well encountered more than 600 feet of net oil pay at multiple levels, according to Shell, which said evaluation is ongoing to further define […]

Big Oil Is In Desperate Need Of New Discoveries


The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves–or about one-third of the value of big oil and gas companies–were at risk of becoming worthless. Even Big Oil mostly […]

Youngquist: the extraordinary geodestiny of Saudi Arabia and other gulf nations


Preface. I was fortunate enough to know Walter for 15 years. He became a friend and mentor, helping me learn to become a better science writer, and sending me material I might be interested in, and delightful pictures of him sitting in a lawn chair and feeding wild deer who weren’t afraid of him. I […]

The End of the Oil Age

The End of the Oil Age thumbnail

For more than a century, the oil and gas industry has played a central role in almost every geopolitical development of consequence. Now that the fossil fuels’ days finally seem to be numbered, it is time to consider not just what will come next, but also what it will take to get there. Giuliano Garavini,The […]

IEA cries wolf again: the point of no return


The agency may be overestimating demand and lowballing Opec supply to foresee a tighter market than will materialise The IEA suggests in Oil 2021, its latest medium-term outlook, that there may be no return to normal for the world oil market in the post-Covid era. But it then appears to contradict its thesis in its […]

‘I’ll believe it when I see it’ – Saudi Arabia doubts oil recovery and keeps taps tight


This week’s surprise decision by Saudi Arabia and other top oil producers to broadly stick with output cuts despite rising crude prices was influenced by events in an unexpected place – Italy. FILE PHOTO: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks via video link during a virtual emergency meeting of OPEC […]

China announces MASSIVE oil & gas discovery in Bohai Sea


China National Offshore Oil Corporation (CNOOC) revealed this week that its newly discovered oil and gas field in the Bohai Sea contains proven geological reserves of 100 million metric tons of oil and gas equivalent. That makes Bozhong 13-2 one of the biggest crude oil production bases in the country, according to the company. The […]

Exxon Casts Out Canadian Oil Sands in Massive Reserves Slump


Exxon Mobil Corp. erased almost every drop of oil-sands crude from its books in a sweeping revision of worldwide reserves to depths never before seen in the company’s modern history. Exxon counted the equivalent of 15.2 billion barrels of reserves as of Dec. 31, down from 22.44 billion a year earlier, according to a regulatory […]

White Could Be The New Black For Big Oil


A metal once dubbed “white petroleum” might soon draw the world’s oil companies back to a sector they abandoned decades ago, mining. It was during the 1970s that major oil producers such as ExxonMobil and BP operated a wide range of copper, uranium, zinc and titanium projects alongside their traditional petroleum business units. The logic […]

UK North Sea Summary Part II: Reserves, Recent Production and Future Projections

UK North Sea Summary Part II: Reserves, Recent Production and Future Projections thumbnail

The OGA issues UK oil and gas reserve values each year, but only in total, not for individual fields as is done in Norway, Mexico, GoM and Brazil (which reports by basin rather than field). The reserves are not backdated to discovery date so it’s not possible to generate anything like a true creaming curve, […]

Petrobras oil reserves fell 8% in 202


Brazil’s state-run oil company Petrobras ended 2020 with proven reserves of oil, condensate and natural gas of 8.816 billion barrels, it said in a securities filing on Tuesday, down about 8% from the previous year. The company said its replacement rate was 29% of last year’s production, adding the impact of asset sales, totaling an […]

Strait of Hormuz: the world’s most important oil artery

Strait of Hormuz: the world’s most important oil artery thumbnail

Iran’s Revolutionary Guards Corps seized a South Korean-flagged tanker in Gulf waters and detained its crew, Iranian media said on Monday, amid tensions between Tehran and Seoul over Iranian funds frozen in South Korean banks due to U.S. sanctions. A South Korean-flagged tanker vessel which was seized by Iran. is seen in Gulf, Iran January […]

How Much Oil and Gas Has Been Found in 2020?


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


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


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 […]

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PO Real Time

@WesMontage @KennethBarrows3 OPEC bosses are fearful of surrendering market share to revived US drillers. At the same time they are also fearful of oversupply that would cut prices. The big picture: #PeakOil likely occurred in 2018 and the world is looking for crude wherever it might be.

test Twitter Media - @WesMontage @KennethBarrows3 OPEC bosses are fearful of surrendering market share to revived US drillers.

At the same time they are also fearful of oversupply that would cut prices. 

The big picture: #PeakOil likely occurred in 2018 and the world is looking for crude wherever it might be.

Abolish the USA militaries. #PeakOil and #ClimateChange are here. USA should be divided, it won't be able to adapt otherwise. #FreeCalifornia…