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Latest Geology Headlines

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 […]


Peak Oil, Peak Gold, Peak Whatever … Phooey!

Geology

A Monday Morning Musing from Mickey the Mercenary Geologist   Non-renewable natural resources (e.g., industrial metals, precious metals, agricultural minerals, industrial minerals and rocks, energy fluids, and energy solids) are extracted from Earth’s surface and its depths. Exploitation of these resources naturally leads to depletion and more must constantly be found, developed, and mined. In […]


America’s Oil And Gas Reserves Double With Massive New Permian Discovery

Geology

America’s energy security just got a lot more secure. On November 28 The United States Geological Survey (USGS) published an assessment of continuous (unconventional or ‘tight’) resources in a part of the prolific Permian oil and gas basin that straddles Western Texas and Southeastern New Mexico. Located in the Wolfcamp Shale and overlying Bone Spring Formation, […]


Iran Claims It Holds The Most Oil, Gas Reserves In The World

Geology

Despite the U.S. sanctions, Iran continues to explore and discover new oil and gas reserves and now ranks “first in terms of oil and gas reserves in the world,” Iranian media quoted Seyyed Saleh Hendi, head of exploration at the National Iranian Oil Company (NIOC), as saying. “Based on our Five-Year Development Plan, we have […]


Largest oil, gas resource ever assessed identified in Texas

Geology

The U.S. Geological Survey has determined that a vast shale field in West Texas and New Mexico could yield 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, the agency said in a press release Thursday. The Wolfcamp Shale and overlying Bone Spring Formation […]


Peak Oil 20 Years Later: A Comment by Colin Campbell

Peak Oil 20 Years Later: A Comment by Colin Campbell thumbnail

Colin Campbell illustrating the concept of oil depletion. Colin Campbell is the originator of the concept of “peak oil,” the founder of the “Association for the study of peak oil and gas” (ASPO) and, together with Jean Laherrere, the author of the 1998 article on “Scientific American” that started a  wave of interest in oil […]


U.S. Declares Emergency After Quake Leaves Alaska in Darkness

Geology

U.S. federal authorities issued an emergency declaration for Alaska after a magnitude 7 earthquake struck on Friday, which left thousands without electricity and temporarily shut the state’s most important oil pipeline. The authorities have been directed to provide assistance for Anchorage as well as Kenai Peninsular and Matanuska-Susitna boroughs, according to an alert from the […]


US oil and gas reserves surpass 1970 record

US oil and gas reserves surpass 1970 record thumbnail

The United States has surpassed the 1970 record for proven oil and gas reserves, roughly doubling the amount of discovered petroleum in the ground in the past decade, the federal government said Thursday. The U.S. shale boom has unlocked large volumes of oil and gas, currently driven by drilling for crude oil in West Texas’ […]


Hubbert’s Peak by Kenneth Deffeyes

Geology

This is the first of three books that the late geologist Kenneth S. Deffeyes, who passed away a year ago this week, wrote about the coming global oil crisis. The goal of these books is to provide readers a rudimentary understanding of oil, where it came from and what’s involved in finding and producing it, […]


Peak oil, 20 years later: Failed prediction or useful insight?

Geology

Abstract 20 years ago, in 1998, Scientific American published a paper by Colin J. Campbell and Jean H. Laherrère titled “The End of Cheap Oil” [1], starting a debate on oil depletion continuing to the present day. It was the return of a viewpoint on oil depletion which had been proposed more than 40 years […]


Important Oil Discovery in Barents Sea

Geology

Equinor revealed Monday that a new oil discovery has been made though the Barents Sea Skruis exploration well, which is located in the Johan Castberg license. The well confirmed a volume of between 12 and 25 million recoverable barrels of oil, according to Equinor. Skruis is the first operated exploration well drilled by the company […]


How to keep the spectre of peak oil supply at bay

Geology

The warning signs are there – the industry isn’t finding enough oil. Guyana is one of the very few giant oil discoveries made during the downturn. Fact is, we need more Guyanas, a lot more, and we need them soon. Without them, the oil market is in danger of tightening in the not too distant […]


Bizarre, High Energy Particles Flying Out of Antarctica’s Ice

Geology

There’s something mysterious coming up from the frozen ground in Antarctica, and it could break physics as we know it. Physicists don’t know what it is exactly. But they do know it’s some sort of cosmic ray — a high-energy particle that’s blasted its way through space, into the Earth, and back out again. But […]


Mexico must double oil exploration spending to halt output fall

Geology

Mexico will need to double to about $4 billion its annual oil exploration investment to reverse a 14-year decline in output, a move that will require more funding by Pemex and private producers, a top official with the state-run firm said Friday. The Pemex logo is pictured during the 80th anniversary of the expropriation of […]


Earthquake Blackout Points to Japan’s Fragility

Geology

“This was an extremely rare case,” said Akihiko Mayumi, the power company’s president, at a news conference. “We thought the risk of complete power failure was low.” By restarting more oil- and coal-powered plants, the company will probably be able to restore power to most households on Saturday, the government said. A Hokkaido Electric spokesman […]


Peak Oil: A Lesson in False Prophecy

Geology

As recently as 10 years ago, we were told that the world was running out of oil soon. Horrors! Then, directional drilling and fracking opened up the prolific resource of “tight” oil shale. New production records are being set daily; the U.S. now leads the world in oil reserves, ahead even of Saudi Arabia. Hubbert’s […]


Alaska’s North Slope ‘Super-Basin’ Still Holds 28 Billion Barrels of Oil

Geology

Since its discovery in 1968, Alaska’s North Slope (ANS) basin has produced nearly 17 billion barrels of oil. Since hitting a peak of 2 million barrels of oil a day in the late 1980s, production has fallen to around 400,000 barrels a day as of last week. But a lot more North Slope oil remains […]


The Sudden Death of Peak Oil – 4.5 Trillion Barrels of Oil Left

The Sudden Death of Peak Oil – 4.5 Trillion Barrels of Oil Left thumbnail

Google trends – nobody is interested anymore in the topic of “peak oil” Technology is not just expanding our daily oil production; it also continues to increase the amount of oil and liquid fuels we can count on for the future. In 1981, the U.S. Geological Survey estimated that remaining global recoverable crude and condensate […]


Why ‘Peak Lithium’ Is An Irrational Fear

Why ‘Peak Lithium’ Is An Irrational Fear thumbnail

Even ignoring the pop-up ads for lithium producers, serious observers have expressed concerns about the adequacy of those resources. For one thing, the booming demand for lithium-ion batteries for electric vehicles and backup power systems (from household level to utility-scale) has caused some to worry whether the lack of lithium resources will constrain efforts to […]


Saudi retreat on oil IPO highlights dearth of reliable information on world oil reserves

Saudi retreat on oil IPO highlights dearth of reliable information on world oil reserves thumbnail

Since late 2016 the financial media has been abuzz about what would likely be the biggest initial public offering (IPO) ever: The sale of 5 percent of the world’s largest oil company, Saudi Aramco, which is wholly owned by the government of Saudi Arabia. The IPO with its required disclosures would shed light on the […]


Global Oil Discoveries See Remarkable Recovery In 2018

Global Oil Discoveries See Remarkable Recovery In 2018 thumbnail

Global discoveries of conventional oil and natural gas are seeing an exciting recovery with discovered resources already surpassing 4.5 billion boe in H1 2018, Rystad Energy analysis shows. The average monthly discovered volumes YTD are estimated at 826 million boe, up approximately 30% compared to 625 million boe in 2017. (Click to enlarge) During H1 […]


The End of Oil and Gas

The End of Oil and Gas thumbnail

The end of oil and gas has been predicted on a regular basis since 1885, yet today we use more of both than ever before and no end is in sight in the data available. Figure 1 shows worldwide energy consumption by fuel since 1965 and projected to 2035 by BP in billion tonnes of […]


THE ENERGY CLIFF APPROACHES: World Oil & Gas Discoveries Continue To Decline

Geology

As the world continues to burn energy like there is no tomorrow, global oil and gas discoveries fell to another low in 2017.  And to make matters worse, world oil investment has dropped 45% from its peak in 2014.  If the world oil industry doesn’t increase its capital expenditures significantly, we are going to hit […]


USA and World Oil Production

USA and World Oil Production thumbnail

All data below is from various sources. All US data is from the EIA. Unless otherwise noted is in thousand barrels per day. USA data is through April. C+C production was almost flat in April, down 2,000 bpd. Texas through April. Texas production was up 30,000 bpd in April. North Dakota through April. North Dakota […]


THE ENERGY CLIFF APPROACHES: World Oil and Gas Discoveries Continue To Decline

Geology

As the world continues to burn energy like there is no tomorrow, global oil and gas discoveries fell to another low in 2017.  And to make matters worse, world oil investment has dropped 45% from its peak in 2014.  If the world oil industry doesn’t increase its capital expenditures significantly, we are going to hit […]


Peak Gold? Mining ‘At Tipping Point’

Peak Gold? Mining ‘At Tipping Point’ thumbnail

‘Cyclical drop’ due in gold mining, AI technology coming… GOLD MINING output will struggle to record a 10th consecutive year of growth in 2018 according to leading analysts, marking instead the start of a cyclical if not sustained drop from this decade’s new all-time peak. Global gold mining production may stand “at a tipping point,” […]


Peak Oil DEBUNKED! (OPEC & IMF are EVIL)

Geology

I did my research, and worked to make this video as helpful to people as possible. Trying to understand the way the oil industry works is near impossible without considering the IMF, OPEC, and the true motivations of people in power. World events are no coincidence.


Operators looking for oil and gas “elephants” across Africa

Geology

With the oil price heading for the US$80 on the first day of the Africa E&P Summit, which opened today in London, ambitious operators are seeing multiple opportunities and seeking out the “elephants” – the remaining big hydrocarbons discoveries across the continent Access to energy will be boosted by oil and gas investment in Africa […]


‘We’re right at peak gold’: All the major deposits have been discovered

Geology

Ian Telfer, chairman of Goldcorp Inc., is the latest industry magnate to predict the world has reached “peak gold,” saying that from here on out, mine production will continue to decline because all the major deposits have been discovered. “If I could give one sentence about the gold mining business … it’s that in my […]


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@jkinneberg @NGrossman81 @NafeezAhmed 2008 GFC was unsurprisingly preceded by a commodity/oil spike; physics & #EROEI constrains GDP. Report is 500pp: tupa.gtk.fi/raportti/arkis… Reaching global #PeakOil in 2020s? @mobbsey A crash won't save nature (Venezuela has >200y of reserves): rollingstone.com/politics/polit…