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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!

Remember Peak Oil? It’s back! thumbnail

© 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

Huge Oil Reserves Could Be Found In Pakistan thumbnail

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 […]


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 […]


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Brent Crude approaching $75. Are Fundamentals driving market enthusiasm and oil prices towards the anticipated OPEC $80 threshold for an increase in supply? Will the market regulate its reaction to sporadic high impact media releases? #oott #brentcrude #opec #peakoil #oil