Why ‘Peak Oil’ Won’t Mean the End of Drilling

A multibillion-dollar project to tap virgin oil fields in east Africa is expected to get the green light this weekend, highlighting an uncomfortable truth about the energy industry. Even as Total SE, the supermajor behind the new project straddling Uganda and Tanzania, makes genuine efforts to begin the transition to low-carbon energy, the industry is […]

US January Oil Production Continues Slow Slide

All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. After the production charts, an analysis of three EIA monthly reports that project future US production is provided. The charts below are updated to January 2020 for the 10 largest US oil producing states. Note: […]

Kuwait’s State Oil Company to Seek Up to $20 Billion of Funding

The state oil company of Kuwait plans to borrow as much as $20 billion over the next five years to make up for an expected shortfall in funding, a person familiar with the matter said.     Kuwait Petroleum Corp. will need the money to maintain the petrostate’s crude-production levels, said the person, who asked […]

This Land Is Your Land….

It’s time to reform how we lease public lands for fossil fuel extraction. When I drove across the country in my late teens, the wind of the prairies blowing through my long hair and feather earrings from the open window of my 1981 Toyota Tercel, I had no idea that 28% of US land is […]

Saudi Arabia targets 1 million b/d domestic oil demand reduction

Saudi Arabia plans to reduce domestic consumption of liquid hydrocarbons by 1 million b/d for use “in a better way”, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on March 16. Before the COVID-19 pandemic, the kingdom — the Gulf’s largest economy — was consuming around 491,000 b/d of oil for industrial use and […]

Big Oil: Time for a spin-off?

Like many other sectors across the economy, the energy industry – and oil and gas businesses in particular – has faced an incredibly difficult 12 months. The pandemic and the associated periods of lockdown have had numerous knock-on effects for business. For oil and gas, it has contributed to a cruel combination of low demand […]

‘The Saudis surprised everyone’: The Energy Word Founder on retaining unilateral cut

ADAM SHAPIRO: A little over 15 minutes to the closing bell. Remember when you were a kid, you made a promise, but if you had your hand behind your back and you were doing this, well, you didn’t have to keep it? Someone should remind the world that the Saudis and the Russians sometimes do […]

The Next U.S. Oil And Gas Boom Suddenly Looms On The Horizon

The history of the oil and gas business in the United States is that every time the “experts” all line up to declare it to be dead, it finds a way to come roaring back. This scenario has played itself out at least half a dozen times across my own 42-year career in the business […]

Don’t Believe the US Energy Independence Hype

The U.S. is energy independent, right? Well, that’s what some politicians would have you believe, but it’s not really true in any meaningful sense of the word “independent.” In its broadest sense, energy independence can be taken to mean that the country produces more energy than the country consumes. That is the basis on which politicians […]

Is Another LNG Glut Looming?

Global natural gas demand is set to return to pre-crisis levels as early as this year and will continue to rise in the coming years, thanks to the coal-to-gas switch in Asia, particularly China.  The growing gas demand will drive more liquefied natural gas (LNG) consumption and trade, and producers are gearing up for a […]

Saudi minister: Oil producers must remain extremely cautious

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”. “We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is […]

Big Oil To See Production Peak In 2028

The pandemic shock to demand and the energy transition strategies are set to bring peak crude and natural gas production for Big Oil in 2028, at a lower volume and earlier than previously expected, Rystad Energy said in an analysis this week. The five integrated supermajors – ExxonMobil, Chevron, BP, Shell, and Total – will […]

Biden May Kill A Quarter Of US Oil And Gas Production

Pipes are silhouetted in a storage location on the Raven Oil Drilling rig property near Watford City … [+] N.D., Oct 1, 2013. In 2008 the North Dakota oil boom started its ongoing period of extraction of oil from the Bakken formation. Shale gas reserves has given the United States more independence over other nations […]

U.S. Tries to Seize Oil Shipment It Says Came From Iran

The U.S. is trying to seize around 2 million barrels of what it thinks is Iranian oil, according to people familiar with the matter, in Washington’s latest attempt to block the Islamic Republic’s energy exports. The crude is on board the Liberia-flagged Achilleas, which is sailing to the U.S. after the Department of Justice issued […]

Biden Ban Could Hit Deepwater GOM Hardest

President Joe Biden’s temporary halt to drilling on federal lands leaves the vast majority of U.S. crude production untouched, though it may be the death knell for the Gulf of Mexico’s already dwindling output. Should the halt announced Wednesday become permanent, the U.S. would stand to lose as much as 200,000 barrels a day of […]

Glimpse into dynamics of post-pandemic oil industry

CAIRO – 21 January 2021: Since its discovery in 1859, oil has been the main source of energy, and main source of income for many countries. The finite resource was subject to major hits in the past three decades. The last of which took place last year. However, the sector has begun recovery paving the […]

Non-OPEC September Oil Production Flat

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to September 2020. Information from other sources such as OPEC, the STEO and country specific sites such as Russia and Norway is used to provide a short term […]

Saudi Arabia’s Oil-Market Pessimism Vindicated

For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that — rather than restore halted production as planned — it would slash supplies by a further 1 million barrels a day. The resurgent pandemic necessitated “preemptive” […]

OPEC sees U.S. shale output recovering further on oil rally

The outlook for U.S. shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said on Thursday, in a sign its policy of cutting output is helping rivals pump more. U.S. shale producers are not part of a pact between OPEC nations and […]

IEA Validates Saudi Output Curbs

For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that — rather than restore halted production as planned — it would slash supplies by a further 1 million barrels a day. The resurgent pandemic necessitated “preemptive” action to […]

The pandemic could lead to a major oil supply crunch

It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. Yet, a growing number of experts and international agencies warn that the world could be headed for an oil shortage when oil demand finally recovers from […]

Collaboration on oil, gas and other power sources significant to China-US ties

Can the China-U.S. relationship bottom out after the severe setbacks caused by Washington’s hostile policy during Donald Trump’s presidency? To Li Qiangmin, the answer is “sure” and he believes expanded energy cooperation could help ease tensions between the two countries. Li, former Chinese Consul General in Houston, the U.S., said energy trade with China is […]

Rosneft’s massive Arctic oil push undermines BP’s green turn

BP’s chief executive Bernard Looney has staked his leadership on the oil company producing less oil. Rosneft’s chief executive Igor Sechin is taking the opposite side of that bet, with a planned Rbs10tn ($134bn) wager on a vast new project in the Arctic. That BP owns nearly 20 per cent of the Russian oil producer […]

OPEC, Russia OK new oil quotas

OPEC, Russia and other major oil producers reached an unusual agreement on production quotas Tuesday, with Saudi Arabia committing to reducing its oil production by 1 million barrels a day and Russia and Kazakhstan winning relatively modest production increases. The effect will be an overall reduction in oil production. The news pushed prices up more […]

Disruptive Oil Growth is ‘History,’ Shale Recovery to be ‘Much More Modest,’ Says Yergin

Oil demand is not expected to return to 2019 levels until the end of next year or early 2022, with future growth to be “much more modest” than the 2 million b/d growth rates of the past, according to IHS Markit Vice Chairman Daniel Yergin. The executive, who released his newest book, “The New Map: […]

Oil Tanker Near Iraq Finds Explosive Object Attached to Hull

An oil tanker off the coast of Iraq discovered an explosive object attached to its hull, the latest incident highlighting the risk to ships in the waters near the Arabian peninsula. The Liberia-flagged Pola noticed a “suspicious object” on the ship as it was discharging cargo onto another vessel, according to a statement from owner […]

Yergin looks at historic year for oil, profound shift coming for energy complex

Pulitzer Prize-winning author Daniel Yergin has chronicled the historic sweep of the global energy business and says 2020 vastly disrupted the sector and left companies staring into an abyss last spring. The pandemic triggered unprecedented energy demand destruction. A clash between OPEC and Russia pushed oil prices to new lows. The energy transition to a […]

Can Anything Stop Brazil’s Massive Oil Boom?

The COVID-19 pandemic had a sharp impact on oil prices, creating considerable uncertainty over the outlook for energy demand around the globe. The ongoing global crude oil supply glut and claims that peak oil demand could occur sooner than anticipated are also weighing on energy prices. Those headwinds have done little to impede Brazil’s massive […]

The Very Real Possibility Of Peak Oil Supply

Three months ago, British oil giant BP Plc. (NYSE:BP) sent shockwaves through the oil and gas sector after it declared that Peak Oil demand was already behind us. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and […]

China And Iran Start Drilling In This Super Giant Gas Field

Drilling operations of the first well of the game-changing but highly-controversial Phase 11 of Iran’s supergiant South Pars non-associated natural gas field officially began last week. Significant gas recovery from the enormous resource will commence in the second half of the next Iranian calendar year that begins on 21 March 2021. The long-stalled Phase 11 […]

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