The End of the Oil Age

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

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

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

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

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?

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

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

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

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 […]

Scientists detect unexpected widespread structures near Earth’s core

  Earthquakes send sound waves through the Earth. Seismograms record the echoes as those waves travel along the core-mantle boundary, diffracting and bending around dense rock structures. New research from University of Maryland provides the first broad view of these structures, revealing them to be much more widespread than previously known. Credit: Doyeon Kim/University of […]

Is This The World’s Next Oil Hotspot?

By the end of the second quarter of 2020, data from drill bits may tell us whether or not the world has found the next Eagle Ford, and it’s all going down in Africa …  To hear mainstream media tell it, you would think that the oil and gas era is coming to an end. […]

The World Is Running Out of Elements

Make no mistake: We are running out of elements. As humans have filled in all the corners of the periodic table, each element has resulted in technological innovation. Europium and indium are crucial for televisions and touch screens. Rhenium is necessary in fighter jet engines. And to avoid some of the effects of climate change, […]

US GoM 2019 Summary: Part II – Reserves

Introduction BOEM produces an estimate of GoM reserves every year. This year’s covers estimates for then end of 2017. Nominally The figures given are 2P estimates but previous analysis has shown them to be extremely conservative, and they strictly follows SEC rules concerning reserves being bookable only if clear development plans are in place. Backdated […]

Is November 2019 the New US Peak Oil Date?

A post by Ovi at peakoilbarrel. Here I am again reporting on out of date US February oil production from the EIA April report after the world oil environment has been turned on its head. Fortunately the EIA also has some forward looking reports that make use of more current data to provide projections for […]

New Report Confirming Peak Oil “Oil, oil everywhere, too costly to drill”

Geological Survey of Finland

Democrats Trot Out ‘Peak Oil’ Again, and Are Just as Wrong as Ever

Just when we thought it was safe to assume a reliable supply of oil due to the miracle of fracking, liberals have come up with a new excuse to shift from fossil fuels to renewables.  They’ve discovered — as everyone invested in oil has known since before the early 2000s — that fracked wells are frontloaded, […]

Largest Oil Fields in the World

1/ NICOLAS ASFOURI/AFP // Getty Images Largest oil fields in the world Growing climate concerns and commitments to clean energy have done little to curb worldwide oil demand, which in the third quarter of 2019 increased by 1.1 million barrels per day. Experts expect peak oil usage in 2036, with 70% of daily oil usage […]

What Peak Oil? Retreating Arctic Ice Opens Vast Reserves to Russian Drillers

A bill authored by the Ministry of Natural Resources was in October this year hammered through parliament. It grants oil and gas companies expanded rights to explore resources both in internal and territorial waters and is aimed at lowering the financial burden of the oilmen engaging in the region. «It allows us to increase the […]

Explaining Peak Oil the Easy Way

(This translates a slightly different article previously posted in Spansih at the author’s blog, The Oil Crash. Translation by Fabricants de Futur.) A reader has written to me to say that she does not completely understand if we have a serious problem with oil or not, and I have written her a long explanation which […]

Technological Change, Depletion, and the U.S. Petroleum Industry

A common claim in the nonrenewable resource literature is that improvements in technology may largely offset the effects of increasing scarcity over time. This study provides perhaps the first empirical evidence on this issue by analyzing the determinants of the average finding cost for additional petroleum reserves in the U.S. over the 1967-90 period. Using […]

Why the world is running out of sand

It may be little more than grains of weathered rock, and can be found in deserts and on beaches around the world, but sand is also the world’s second most consumed natural resource. A South African entrepreneur shot dead in September. Two Indian villagers killed in a gun battle in August. A Mexican environmental activist […]

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