Who said that peak oil models were wrong?

An impressive graphic (click to enlarge) from a recent presentation by Jean Laherrere. The text is partly in French, but it is easy to understand the main results of the study. In the figure above, we see how well the world’s oil production has followed the models over nine years. On this point, Laherrere says […]

How Much Recoverable Oil Do We Have?

Oil’s availability is of course of immediate concern to every driver, especially at a time when gasoline prices are high once again. The much greater concern, however, is whether we are reaching a limit where oil can no longer be recovered at prices consumers are willing to pay. If something like that turns out to […]

Bakken Additional Wells verses Barrels Per Day

I just spent half a day trying to make some correlation between Bakken additional wells per month and additional barrels per day. As most of you know the Bakken decline rate is atrocious. Therefore they must keep bringing more and more wells on line each month just to keep production increasing. If they keep adding […]

Oil Depletion in Lithuania: 20 pct in 2013

According to the data provided by Lithuania’s Geological Service, within the year, oil extraction in Lithuania decreased by almost 20 percent. The main reasons for decrease are depletion of the current oil sources and slow progress in oil exploration, reported LETA/ELTA.   According to Minister of Environment Valentinas Mazuronis, it is natural that exploiting the […]

Tech Talk – Where to look for more oil this year.

The news that Saudi Arabia is planning to employ 200 drilling rigs next year (up from 20 back in 2005) suggests that there is a recognition that future reserves may not measure up to the planned volumes needed. Plans now include exploration of the shale deposits in the country, looking primarily for natural gas. There […]

Peak Oil Update – Final Thought

Since 2006, I’ve been tracking a set of oil production forecasts and trying to see how they performed over time. Comparing oil supply forecasts is not an easy task because of the many different assumptions, baselines, and fuel categories included. Also, most of them deal with production capacity which is almost impossible to track as […]

Heinberg: Why the Peak Oilers are still right

For the past decade I’ve been a participant in a high-stakes energy policy debate — writing books, giving lectures, and appearing on radio and television to point out how downright dumb it is for America to continue relying on fossil fuels. Oil, coal, and natural gas are finite and depleting, and burning them changes Earth’s climate and compromises our […]

Nigeria’s oil reserves to peak at 40.1bn barrels in 2015-2016

Nigerian oil reserves would peak at about 40.1 billion barrels in 2015 to 2016, before coming down to 36 billion barrels by 2021, predicts Business Monitor International (BMI) in its Nigeria Oil and Gas Report Q1 2013. The report, which includes five-year forecasts to 2017, reveals that gas reserves are expected to peak at 5.95 […]

Stumbling Blocks to Figuring Out the Real Oil Limits Story

The story of oil limits is one that crosses many disciplines. It is not an easy one to understand. Most of those who are writing about peak oil come from hard sciences such as geology, chemistry, and engineering. The following are several stumbling blocks to figuring out the full story that I have encountered. Needless […]

Global oil production by discovery date

Source:  ExxonMobil “The Outlook for Energy:  A View to 2040”

Three Nails in the Coffin of Peak Oil

This post is based on a talk I gave as an “undistinguished speaker” to the American Association of Petroleum Geologists (AAPG) oil finders lunch in Aberdeen a few weeks ago. This will be one of my last posts on The Oil Drum. There should be enough controversy below the fold to keep a hoard of […]

ASPO: Future growth in U.S. crude oil reserves

The title, “New data show record growth in U.S. crude oil reserves” might lead most readers to believe that fantastic developments are afoot in the USA. However, if we study the report in detail we can see that large question marks exist over future oil production. The US Energy Information Agency, EIA, has now reported […]

Shale gas – not shale oil – primary long term challenge for Saudis

On July 27th Prince Alwaleed bin Talal publicly opened Pandora’s Box, by releasing an open letter to the Saudi Minister of Petroleum, Mr Ali Al-Naimi, voicing his concerns about the longer-term implications on the Saudi economy of the US shale gas boom. The concerns are both real and relevant – in fact it is something […]

Depletion of Nigeria’s reserves amid unexploited, undiscovered crude oil resources

NIGERIA’S oil and gas industry operates hundreds of producing wells, gas plants, network of thousands of kilometres of pipelines criss-crossing the entire oil bearing zone to the flow stations and terminals. Activities in the country’s oil and gas industry are much concentrated in the Niger Delta. The area is Africa’s largest delta and the third […]

The State of Oil According to BP

This is the 3rd installment in a series that examines data from the recently released 2013 BP Statistical Review of World Energy. The previous posts – Renewable Energy Status Update 2013 and Hydropower and Geothermal Status Update 2013 – focused mainly on renewables. This post delves into the world’s oil production and consumption patterns. Global Oil Consumption Global […]

How to report resources and reserves

The discussion of Israel’s oil reserves gives me reason to discuss the rules that exist for reporting of resources and reserves of conventional oil. It is this oil that still dominates world production and it is production of this oil that has now reached peak oil and has slowly begun to decline. A bright future […]

Earthquakes trigger undersea methane reservoirs

arthquakes can rip open sub-sea pockets of methane, a highly potent greenhouse gas, according to a study by German and Swiss scientists published on Sunday. Quake-caused methane should be added to the list of heat-trapping carbon emissions that affect the world’s climate system, although the scale of this contribution remains unclear, they said. The evidence […]

“Biggest Oil Discovery In 50 Years” Debunked

I like to listen to voices outside of the mainstream, but I don’t buy everything I hear. I bumped into this one from Joseph Farrell (click here) who I like for his geopolitical insights into what the Banksters are up to. He links to this piece: You’d think a discovery equivalent to Saudi Arabia would […]

Piggybacking on the Hunt For Massive Oil Discoveries: Interview with AOS

Africa is becoming the top choice for North American oil companies looking to diversify, and the East African Rift is the hottest of the hot, with Kenya waiting on commercial viability, Angola and Ghana already on the road to rival Nigeria and two newcomers—Namibia and Zambia—where the doors have been thrown open for exploration. Getting […]

Peak Oil Deferred

In 1956 Marion King Hubbert, The Chief Geology Consultant (some say it is more correct to refer to him as a research geophysicist) to Shell Oil, shocked the World by proclaiming that the production of U.S. crude oil would soon peak and then rapidly decline. His projections for U.S. oil production proved to be accurate […]

British Geological Survey Bowland Shale Gas Assessment

The latest exuberant shale gas news comes from a report by the British Geological Survey estimating enormous new shale gas resources in the central UK. On June 27, 2013, the British Geological Survey (BGS) released a natural gas resource assessment for the Bowland Shale in the United Kingdom stating that approximately 40 trillion cubic metres […]

TOD: World Oil and Gas production forecasts up to 2100

With the recent announcement of closure, this will be the last guest post by Jean Lahérrere at TheOilDrum. By fortune it is an update on Jean’s famous long term petroleum and natural gas forecasts; may it serve also as a long term reference to all the readership. Together with the likes of Colin Campbell or […]

is peak oil & fossil fuel a myth ?

youtube, is peak oil & fossil fuel a myth

Mother (Russia) lode: Vast extent of oil, gas reserves revealed for first time

According to declassified data Russia holds 17 billion tons of oil and 48 billion cubic meters of gas. Moscow believes revealing the extent of the vast reserves will lead to a surge of investment in the extraction and production of hydrocarbons. The country’s recoverable oil reserves in the C1 category (proven reserves) totals 17.8 billion […]

Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

Chevron Corporation (NYSE: CVX) has announced an oil discovery at the Coronado prospect in the deepwater U.S. Gulf of Mexico. The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet (122 m) of net pay. The well is located approximately 190 miles (308 km) off the Louisiana coast in 6,127 feet (1,868 […]

NIOC Finds $550 Billion Worth of Oil, Gas Reserves in One Year

The National Iranian Oil Company (NIOC) announced that it discovered 552.5 billion dollars of oil and gas reserves last year, while it spent only 229 million dollars for exploration operations. The NIOC announced it explored oil and gas reserves in a number of blocks last year and managed to find 1.891 billion barrels of oil […]

Texas’s Amazing Shale Oil And Gas Abundance

I’m often asked my opinion on what the prices of oil or natural gas are going to do. My answer is always the same: If I had the slightest idea what the prices of oil or natural gas were going to do in the future, nobody in my family would ever have to work another […]

BP Ranks Iran as Top Holder of Gas Reserves

In its Statistical Review of World Energy, BP put global proven gas reserves at 187.3 trillion cubic meters as of the end of 2012, enough for about 56 years of global production at current rates. BP’s annual review of energy statistics, first published in 1951, is considered an industry benchmark. Last year’s report put gas […]

Variables, uncertainties still shape world energy outlook

Technological breakthroughs may have increased the world’s potential oil and gas resources significantly, but variables and uncertainties will determine how quickly and to what extent they are developed, participants emphasized during the opening day of the US Energy Information Administration’s annual conference. Unconventional natural gas production growth will be strongest initially in North America, and […]

Latest Estimates of Global Fossil Fuel Resources and Reserves, as of June 2013

Table 1. Summary Fossil fuel Unit 2011 production Reserves Reserves-to- production ratio (years) Recoverable resources Crude oil million barrels 31,875 1,642,354 52 3,356,964 Wet natural gas trillion cubic feet 124 6,839 55 22,882 Coal million tonnes 7,710 1,037,552 135 22,308,986 Hard coal 6,640 754,595 114 17,873,677 Lignite 1,070 282,957 264 4,435,309 Sources: Andruleit et al. (2012); […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy